No matter what industry you may be in, keeping an eye on what your competition is doing should always be a part of your business strategy. Without doing a little digging, how else would you know what your business is up against? These days, the internet and social media make “spying” on your competitors extremely easy.
Here are 3 simple ways to monitor your competition:
Read Their Reviews
Reading a business’s online reviews can be very telling. You can quickly learn what they are doing right and what they are doing wrong by what customers and clients are saying. If reviews are boasting a specific product or service, it might be worth adding to your offerings if you aren’t already. If you’re reading about what the business is doing poorly, use it as a means to differentiate your business and get a leg up on your competition.
Sign Up for Their Email Lists
Subscribing to your competitor’s public email lists is a no brainer. Quick and easy; you literally get their latest news delivered right to your inbox. You can learn about upcoming promotions or new releases and plan your promotions accordingly. You can also get a sense of how often they email their clients and prospects while also getting a feel for their branding and language. Again, all helpful insights to help your business stand out.
Monitor Their Social Media
Similar to email lists, social media is another easy way to read the latest news about your competition but allows you to see how followers are reacting. If your competition posts a promotion or new offering,you can see firsthand if followers are excited about it. You can also see if followers are posting positive or negative comments/reviews/posts on their social pages. Use these findings to help you alter your strategy and shine amongst your competition.
If you’re lost as to what your competition is doing and need help analyzing your market, we’re here to help! We offer an array of services to help your business thrive. Contact our team today for a free consultation.Tags: competition, competitors, market research, marketing, SMM, Social Media