Wednesday, September 12, 2012 posted by Rebecca Daneault
We’ve all heard the expression, “Keep your friends close and
your enemies closer”. Well, when it comes to success in the business world,
this couldn’t be more accurate. Monitoring your competition can help you to
improve your own products and services, because you can learn what things are
working for them that you might emulate, and what they’re doing wrong that you
can avoid. So how do you keep a close watch on your competitors without hiding
in their bushes with a pair of binoculars? Easy.
Leverage the Power of Google – You already use it for
everything else – why not also use it as a tool to keep an eye on your closest
competitors from afar? It’s incredibly easy, efficient and your competition
will be none the wiser. Simply set up a
Google
alert with the name of the companies you’d like to keep tabs on and any
associated products, and every time those terms appear in a blog post, press
release or article on the web, you’ll receive a notice. This will let you keep
track of announcements, reviews or complaints that you can use to your
advantage.
Learn Their Keywords – One of the most important components of
SEO is choosing the right keywords to target. If you’re optimizing the wrong
words and phrases, you’re missing out on critical traffic to your website.
There are a number of tools you can use to determine which keywords people are
using to search for your particular product or service, but one of the easiest
is to find out which ones your competition is already ranking for. Tools like
Alexa and
KeywordSpy
allow you to identify both the paid advertising and organic keywords that are
driving traffic to your rival’s site so you can follow suit.
Look into Public Records – When a business plans to launch a
new product, they typically apply for a patent or copyright first, right?
Additionally, businesses that want to expand or renovate their physical location
are usually required to have a permit in order to do so. Your competition is no
exception. And, because this information is public record, you can get a good
idea of what they have up their sleeves before they make their first move.
Experience it First-Hand – What better way to measure the
quality of your competition’s goods or services than by trying them for
yourself? For instance, if you’re in retail, take an incognito shopping trip to
see how their products and customer service stack up in comparison to yours.
Take note of their inventory, how their employees treat customers, what types
of displays or marketing materials they are using – anything that can help you
better hone your own strategies. If you’re uncomfortable about spying yourself,
or if you’re afraid you’ll be recognized, have a close friend or trusted
employee do it, or simply hire a
mystery
shopper.
When it comes to business, regardless of industry,
understanding your competition plays a critical role in ongoing success. These
are just a few of the many ways you can keep a close eye on your competitors
and use the information you uncover to improve your own business. Just remember
– if you’ve already reached a certain level of success, someone’s probably
spying on you too. Just be mindful of what information you make public and take
it as a compliment.
Labels: small business tips
posted by Rebecca Daneault @ 2:50 PM