Research your competition
“The competition is tough out there, no matter what business you’re in. If you want to stay ahead of the game, it’s important to research your competition regularly. Here are ten tips on how to do just that:
1. Know who your competition is. This seems like a no-brainer, but you’d be surprised how many businesses don’t really know who their main competitors are. Make a list of your top competitors and keep it updated.
2. Keep tabs on their activity. Follow them on social media, sign up for their newsletters, and visit their website regularly. This will help you stay up-to-date on what they’re up to and allow you to react quickly to any changes in their strategy.
3. Know their products. Not only should you be aware of your competition’s products and services, but you should also have a good understanding of how those products and services compare to your own. What are their strengths and weaknesses? How do your products and services stack up?
4. Know their pricing. Keeping tabs on your competition’s pricing is important for two reasons. First, you need to make sure your prices are in line with theirs. Second, you need to be aware of any changes in their pricing so you can adjust your own pricing accordingly.
5. Know their marketing strategy. What kind of marketing are they doing? What’s working for them? What isn’t? How can you capitalize on their successes and avoid their failures?
6. Know their sales strategy. How are they selling their products and services? What are their strengths and weaknesses in this area? What can you learn from their successes and failures?
7. Know their customer service. How are they treating their customers? What can you learn from their successes and failures in this area?
8. Keep an eye on their financials. This is important for two reasons. First, you need to know if they’re making money or losing money. Second, you need to know if they’re in a position to make any major changes, such as expanding their business or changing their pricing.
9. Know their employees. This is important for two reasons. First, you need to know if they’re happy with their job and how long they’ve been with the company. Second, you need to know if they’re likely to leave the company and go to work for one of your competitors.
10. Know their future plans. What does the future hold for your competition? Are they planning on expanding their business? Entering new markets? Launching new products or services? Knowing their plans will help you stay one step ahead.
If you want to be a marketing wizard, follow these 7 (03) (not so) easy steps and you’ll be well on your way to achieving your marketing goals.
Continue In Next Blog…………………..!
