3 Things You Can Learn From Your Competitors
What comes to mind when you think of your competitors? Maybe you are intimidated. Maybe you feel a sense of superiority. What should come to mind when thinking of your competitors is what you can learn from them. Whether they are knocking it out of the park or completely off base, you can always learn a thing or two from your opposition…I mean, a little healthy competition can go a long way, right?
So maybe you feel funny about checking in on your competition to get ideas about how to become better. Don’t. This practice is normal among the best of the best. Matter of fact, you know you are doing something right when your competition wants to check out what you have going on. Everything from athletes reviewing game footage from their opponents, to secret shopper…all’s fair in love, war and commerce. So what can you learn from your rivals?
- What works. Scanning testimonials and reviews can give you great insight to what customers feel your competitors are doing right. You can take these little gems of information and find what tactics your customer base finds valuable, what they enjoy and what they care about. Use what works best for you and toss the rest.
- What doesn’t work. Just as testimonials can help you learn what works, any reviews that show some level of dissatisfaction can also give you great insight into the minds of your customers. You can discover areas where you can outshine your competition and improve upon areas where they are weak.
- What’s missing. Learning what your competitors offer and don’t offer can help you fill in any areas that are missing and capture the business they are missing. This can not only help you meet an unfulfilled need for your own clients, which can solidify them as client, but you may find your opposition’s clients heading your way as well.
Armed with this information, I hope you dedicate some time in your market research to learning from your competitors as a part of your strategic growth plan. Happy trolling!
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