“Competition is always a good thing.” But you need to look at the other side of the coin also. Irrespective of the business, letting your competitors have an edge above you is the worst thing you could let happen. Keeping an eye on your competitors will not only help not let the above thing happen but also gives you valuable insights. The following are various ways to help you do so.
1) Turnover and threat level
The point is self-explanatory about how important it is. There are various ways to estimate your client’s revenue. One rough method is multiplying their number of employees with $1,50,000. This gives you a rough estimate. This rough estimate will help you find out the number of clients and their extent of your competition. Then you can operate likewise. If your competitor is bigger than you, you can catch hold of a small fish they might be ignoring. However, if they are smaller then you, you will know whether they can handle the same or not. This is sort of a threat analysis that can prove to be a major reality check for growth.
2) Catching hold of their mains
By mains, what we mean is their salesperson and other top human resources that gets the most business for them. If you are not in the sales business, the salesperson gets replaced by another most important human asset of your competition. This will help you get some important information on the charts and insider details. You will learn more about their employee management tricks and techniques which will only benefit you to groom your own people and organization.
3) Customer is the King
Your competition will definitely ‘advertise’ their best customers somewhere or the other, either in the form of reviews or case studies. This is an easy source of knowing who your competition is selling to. You can now use this valuable information for knowing whether the customers are satisfied or not and create the action plan accordingly. You can also dig up to know the different techniques your competitors are following, and you can also reach out to their customers subtly looking for the actual response. This puts you in a great advantage.
4) New Products and Offerings
You need to visit trade shows. They are a source of knowledge about your competitors and trends in the market. It gives you access to the direct source of the information that reveals the new products launched by your competitors. It might even give you a reach to their customers directly.
5) Finding about their customers and clients
Know your competitors well, but, know their customers even better. You can do this by various social media platforms. Dig up the complaints and feedbacks of your competitors’ customers, take this as an opportunity and plan to convert this frustrated customer of your opposition to one of your most loyal ones.
6) Find them in the Daily
You must know everything about your competitors to be able to give them a tough time. Read all the sources where you can find your competitors – like the press and other news platforms, social media platforms, or on the newspapers. They can be in the news for all the good reasons or also for the bad reasons. Any corporate shake-up will help you gain an edge over them and ultimately take a lead. You can also set up Google alert, to not miss out on any news where your competitors are featured.
7) Top Keyword
This might sound strange, but consumers and clients are always attracted to certain words, or for that matter keywords. There are various websites showing that can help you keep a track of the same. This will help you understand their SEO game and the keywords they are targeting and then you can decide, whether to co-opt the words will be a better option or not. Co-opting the keyword never proves to be a bad decision, since you have nothing to lose, and using keywords will only attract their clients to you.
All of the above tactics are completely legal and there is nothing wrong in using them. Techniques like creating archive website of your competitors can help you out for the same. This will help you keep a keen eye over your competitors.
Lastly, what’s a business without some tough competitors to fight with? But remember it’s a healthy fight!