Ways to Monitor Your Competitors
In business it is a must to watch every move that your competitors make so as to stay ahead of them. With the use of the internet, it has now become affordable to look at what your main competitors are doing without doing dirty tricks on them or spying on them. The word that most business use to refer to this is competitive analysis. When a business uses this strategy; it may check on every move that its opponent makes. The initial step for the company to take is to understand who it’s competing with. When you know the names of your competitors, there are some approaches to monitor and analyze how to stay above them.
Blogs are cost-effective and powerful methods to communicate any product and services. When any company comes up with a fresh product, the first thing they must do would be to notify their patrons through blogs that have the most up-to-date info about it. Consequently, build a habit of reading the blogs of your opponents each day. You will get some knowledge about future product launches, new features, new partners and any take over or share disbursement. It is also vital to read the feedback posted by the readers or the patrons of the blog.
There is no room for hearsay in business and do not rely on rumors as they are undependable and propagate fast. Instead, rely on your instinct and try to work with the services and products of your competitors. You can purchase their goods and services by setting up an account. It is a standard procedure for businesses to launch their product on the web first before they do a press release. Not only this, you can start an account to get their newsletters and emails to keep in touch with any new strategies they have.
When you browse through your competitor’s website, you can be able to compare it with yours. Try and determine what makes their website stand out from yours. Is it the design, content, links, videos, photos or the inquiry form that is better than your company’s? Just call the business or write an e-mail to their customer support and see how fast they respond to their customers. Since customer service is key in any business, you could try and improve it in your business. Go through any tab or link on the website to see which way the competitor is heading.
You can also follow your competition on every one of their social websites accounts for example Facebook, Twitter and LinkedIn. Today, folks are addicted to social media, and by using them as promotion tools, businesses take advantage of this. Viewing every step that your adversary makes will allow you to understand their marketing strategy.