Your Competitors Are Your Best Friends - Here"s Why
Have you ever been curious about your competitors and check out their websites? If this isn't the case, it's about time you do. It doesn't matter what kind of product you're selling, you have competitors and it's important to monitor what they're doing. Try to find out if you're selling similar products as your competitors or even exactly the same products. What makes your product different from theirs? Is your product competitively priced? How affordable or costly is your product?
Identify Your Competitors
The previous questions are just the beginning of getting to know your competitors. To be able to remain competitive, it's important to identify competition and monitor them. Visiting their website is also important. Find out if the website is dynamic and appealing or is it uninteresting and plain. How is your website compared to theirs? What features can you learn from their website and apply to yours and make it your own?
Do some research and find out through forums, social networking sites or online blogs that your target market frequently visit, which website they mention the most. Is it your website or your competitor's? Stay attuned to what people say about your competitor which means every praise and complaint because you can learn from their customers and even get a glimpse of what your customers say about your product.
Identify Your Competitor's Strong and Weak Points
As you learn about your competitors, try not to focus too much on their products and prices but instead their marketing campaign as a whole. Examples of things to find out are the type of customer service they give, their terms and conditions, their privacy policy and even their return policy. Find out what you offer that they don't in terms of customer fulfillment. Focus on what your competitors don't have. If your company accepts credit cards and your competitor doesn't then you can take advantage of this unique selling proposition and highlight this in your ads. Finding weak spots from your competitors is a challenge, so try to identify product offerings that they don't have but you do or will offer in the future.
Try to find out the current offerings of your competitors that you don't. Should you be selling similar products, identify what makes yours different? How about delivery options? Is your product more expensive or more affordable? Scrutinize everything about your competitors so you'll know how you can make your product better and stay competitive. Keep in mind that you have a lot of competitors out there so make sure to do some market research.
Focus on coming up with ways to make things better, quicker or more affordable in terms of benefits for your customers if they stay with your product. You won't be the number one brand or product without finding out about your competitors and their strategies which is why it's important for market research to include research on competition. There is so much to gain from observing your competition and the great thing about it is it's free.
Identify Your Competitors
The previous questions are just the beginning of getting to know your competitors. To be able to remain competitive, it's important to identify competition and monitor them. Visiting their website is also important. Find out if the website is dynamic and appealing or is it uninteresting and plain. How is your website compared to theirs? What features can you learn from their website and apply to yours and make it your own?
Do some research and find out through forums, social networking sites or online blogs that your target market frequently visit, which website they mention the most. Is it your website or your competitor's? Stay attuned to what people say about your competitor which means every praise and complaint because you can learn from their customers and even get a glimpse of what your customers say about your product.
Identify Your Competitor's Strong and Weak Points
As you learn about your competitors, try not to focus too much on their products and prices but instead their marketing campaign as a whole. Examples of things to find out are the type of customer service they give, their terms and conditions, their privacy policy and even their return policy. Find out what you offer that they don't in terms of customer fulfillment. Focus on what your competitors don't have. If your company accepts credit cards and your competitor doesn't then you can take advantage of this unique selling proposition and highlight this in your ads. Finding weak spots from your competitors is a challenge, so try to identify product offerings that they don't have but you do or will offer in the future.
Try to find out the current offerings of your competitors that you don't. Should you be selling similar products, identify what makes yours different? How about delivery options? Is your product more expensive or more affordable? Scrutinize everything about your competitors so you'll know how you can make your product better and stay competitive. Keep in mind that you have a lot of competitors out there so make sure to do some market research.
Focus on coming up with ways to make things better, quicker or more affordable in terms of benefits for your customers if they stay with your product. You won't be the number one brand or product without finding out about your competitors and their strategies which is why it's important for market research to include research on competition. There is so much to gain from observing your competition and the great thing about it is it's free.
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