In today’s competitive landscape, our clients often wonder if they are sharing too much information on their websites, fearing that their competitors have access to their valuable content. This article addresses these concerns and provides a solution to gain valuable insights into competitors’ strategies beyond the standard Google search.
Stay Ahead in the Market
Competitors likely already know about your business and vice versa. You should leverage the knowledge you already have about them as a competitive advantage. Conducting a competitor analysis to gain insights into their strategies, strengths, and weaknesses can be done quickly through social media and Google searches, but there’s something you can do that is far more powerful, relevant and timely. It takes more time, but the insights are invaluable.
Unveiling Competitor Secrets
Does your competitor have a physical location? Can you buy something from them online? Go beyond basic online research and explore low-tech methods to gain a deeper understanding of your competitors. Visit your competition. Experiencing your competitor’s products or services firsthand by making a purchase, visiting their business, or engaging in direct communication. It provides insights into how they react to important touch points such as customer service and customer complaints.
Viewing Competitors through Customer Eyes
When visiting the competition, adopt a customer-centric mindset. Think and act like a customer by assessing the competitor’s buying process, convenience, and overall customer experience. Observing their operations and interactions with customers to identify areas for improvement in your own business requires removing your ego about your own product or service, but is an important part of the process.
Leveraging Competitor Success
Set aside your pride and objectively evaluate areas where competitors excel. The potential learning opportunities provided by acknowledging their strengths and implementing similar strategies in your own operations are key to long-term success and growth. Continuously striving for improvement and leveraging the success of competitors as a driving force for business growth also proves to yourself and any employees you may have of your dedication to the business and its offerings.
An in-person analysis of your competitors offers powerful tools for businesses seeking a competitive edge. Sharing information on your website or social media is not a cause for concern (unless you are sharing proprietary knowledge), as competitors likely already have access to it. Embrace market research tactics, including those on-site visits and adopt a customer-centric approach to not compete with, but learn from competitors’ successes.
