Do you know what your competition is doing?
Now that’s a scary thought, right?
I remember overhearing someone say they don’t have any competition. Her niche is so narrow that she feels she is the only one offering her service. But if no one else is promoting that specific service, how are the people who need it getting it done?
It means someone else is doing it but not talking about it.
Competition is good for us
We have to be good at something, and the only way we’ll know is by challenging ourselves, trying new things and learning from our mistakes.
I know, it’s scary – and yet, it’s liberating.
All people who say they don’t have any competition are kidding themselves and not looking at the advantages of getting to know your competition.
Insights from Your Competitor’s Activities
1. You can come to understand your market through the engagement you see on their social media and blog comments.
2. Their content will give you ideas for marketing.
3. Compare your pricing to theirs.
4. Identify market gaps, i.e., what is missing in marketing initiatives.
One of the best ways to gather information about your competitors is by signing up for their email list and following their blog and social media accounts. This way, you can see how they interact with their customers online and get an idea of their communication style.
Check online reviews
Research your competitors thoroughly by reading social media reviews, comments on their blogs and YouTube channels, and reading case studies on their websites. If they have Google reviews, be sure to read those as well.
It’s essential to understand not only the good things that your competitors may be doing but the bad reviews too. Their negative feedback can help you know what aspects of your product or service might be improved.
Follow their Social Media Accounts and Join their Facebook Groups
Watch the engagement you see on their posts on Instagram, Facebook, Twitter and LinkedIn. Go where your market goes. When appropriate, offer advice (from your personal profile) but don’t promote yourself unless the group’s rules allow for that.
Talk with your Competitors
You each have a niche, you provide your clients. Some businesses need someone who specializes in what you do and vice versa. For instance, if you specialize in movement for people who experience back pain, other therapists may specialize in weight loss diets or even anti-inflammatory diet practices. You can support each other through a strategic partnership rather than viewing each other as competitors.
Set time aside each quarter to review your competitors’ activities and strategies. Aim for 3 competitors each quarter. Some might be worth repeating and add someone else in the new quarter. Your competitors can teach you a lot, and staying up-to-date with their online activity is essential. Doing so will help you improve your business and provide more customer value.
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