Why You Should Know Your Competition
Over the years, I have heard many different comments from business owners about their competition. Most of it is not positive and personal. Very rarely do I hear an executive talk of their competitors in a positive light, for instance, “ABC Company really knows how to provide customer service and get great reviews”. When I do, it is refreshing! Here are a few lessons I have learned from these open-minded entrepreneurs.
1- Be a firm believer that competition is a good thing. It keeps capitalism alive and thriving. It also should keep you on top of your game. Your competition can make you and your business look better! Your business marketing plan should incorporate a bird’s eye view of your industry. If you don’t know what is going on around you, you are dead in the water.
2- Being paranoid about your competition can paralyze your business. Look at your market and learn from others. Are there avenues that are being used that you should look at as well? Where are your competitors winning, where is your business lacking? Look at what is not working for others as well.
3- When you are found in search, look at the other websites. How do they look to you? What is your competition doing or not doing in the marketplace? How can you improve based on what others in your industry are doing? Should you keep your current track or adjust?
4- Knowing what online search terms your competitors are using is vital. Are they applicable to your business and is this particular product or service a profit source for you? The good news is no one owns any key words or phrases on the internet, so go for it! Sure, you can pay to play, but organically, it is anybody’s ballgame.
Have you ever played sports? Or watched a game? Coaches watch the other teams. Players watch each other. They not only do this to make a plan to compete during that one game, but to also improve their team players throughout the season. This makes sense.
You can be strategic and plan smart! Don’t think you have to keep up with The Jones’, especially if you do not have the marketing budget to do so. Learn from others efforts and don’t duplicate mistakes. Trust me, your competition is learning from you too!
This guest post is by Nicole Newsome, owner of Huddle Up Management, and fan of Commonwealth Creative Marketing.