Healthy competition is never a bad thing. In fact, it can make businesses work harder, providing customers with more options to choose from. The key to outliving your competition is to learn from their mistakes and their successes, climbing beyond their reach in the market.
While you may not have access to or require all of the information below, it might help give you a broader insight into the current market and provide you with an advantage when strategically lining up your competition.
Think like a customer
You might be easily biased towards your competition and struggle to find even one positive thing about their business. As hard as it might be, thinking like a customer instead of a business owner will give you various insights into how a customer makes a critical decision.
What does their website tell you? Is its layout and design user-friendly and accessible? Or is it confusing and difficult to use? Take a thorough look at competitor websites as it can tell you a great deal about their brand personality and marketing style.
Services & products
What are they offering that you aren’t? Are some of their products more popular than others? Exploring what your competition is selling more of and why is a great start. This is not to say that you should adopt each and every service and product, but rather asking yourself why they are succeeding with their specific choices.
Search Engine Optimisation
This gives you a quick insight into how your competition is scoring on their SEO rating compared to your rating, and whether certain keywords and hashtags are getting picked up (read more about SEO trends here). There are several resources you can use to check this out, including Google Keywords, Keyhole and SEMrush.
Whilst having a ton of likes and followers on social media doesn’t necessarily translate to high purchases, it can however tell you more about the popularity of a brand and their general audience reach. Continuous engaging with your followers and offering quality posts is a long-term digital strategy that should not be underestimated.
At the end of the day, the individuality and personality of a company can be their selling point. Think about how Apple managed to monopolise a market based on their unique and emotional-driven brand style. Whilst this might be a highly debatable issue, let’s not forget the power they hold as a company and brand. Forget about copying your competitors, instead create a unique personality with authentic offers that enables your business to grow naturally.