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Getting distracted by the competition isn’t the most productive way to spend your time as a business owner, but some healthy rivalry can help drive innovation, great customer experience and high-quality offerings. While it’s very easy to obsessively track your competitor’s every move, competition is a good thing for businesses and is seen in almost every industry and sector worldwide.
Through industry benchmarking and other competitor analysis tactics such as brand monitoring and SWOT matrixes, here are a few of the lessons that you can learn from your competitors.
1. Marketing strategy
The chances are that your competitors have tried many forms of marketing to your audience.
Not only does keeping an eye on your competitor marketing strategy help you get to grips with content and effective call-to-actions, but it also helps you to establish which channels and content forms do and don’t work.
For example, if your competitors have a lacklustre and barely-updated Facebook profile, or a YouTube channel where the videos are four years old, this will give you a great insight on whether or not that channel worked out for them, and can even give you insights on opportunities to seize for your own business.
Beyond digital marketing, offline marketing should be viewed in the same way. Take a look at the events they attend, the initiatives they are involved in, their print advertisements and PR pieces – this can really help you get to grips with their messaging, their activity and finding what really works for them.
2. Products that do and don’t work
If a competitor business has been going for long enough, chances are they’ve tried a few different product or service offerings along the way.
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