Businesses have always been told to differentiate themselves from their competitors to remain individual and attractive in a busy market. However, our competition can sometimes hold the key to our success by allowing us to see how they operate, what they do well and what mistakes they make. Below are five key lessons you will learn by ‘keeping your enemies closer’.
- What your website should include
For some businesses, their website is their shopfront and is how the majority of their customers interact with them. Take a look at your competitor’s website and see how it differs from yours. Understand what makes their site more (or less) attractive and what sort of content or features they use well. Also, consider how the style of their website may affect their visitor’s perceptions of their brand. - How to engage on social media
Social media can provide great insights into a company’s success based on how many people interact with their posts. How does your social media profile compare to your competitor’s? Consider the types of posts they are sharing and the frequency of them. There’s a fine line between over-sharing and not sharing enough. Use these details to improve your own social media pages and add elements your competitors lack. - The price range you should be targeting
One of the most important elements of a product or service is the price – and if it’s too expensive or perceived too cheap, consumers may head towards your competition. Consider whether a premium brand image sets your competitor’s price or if they are selling their products as a cheap alternative. Understanding where your competitors sit can provide a great idea as to which price range you should target. - What segments are not being catered to
Chances are you share most of your target customer segments with your competitors, and all compete to attract the highest number of clients within that market. However, analysing your competition can highlight the segments that are being overlooked and that haven’t been targeted yet. By moving in on markets your competition haven’t recognised, you can gain an advantage in the overall market.
- The importance of reputation
The way your business is reviewed online can be the deciding factor for a potential client looking for your products or services. Scope out how your competitors are reviewed online to see where your business stands. Also look at how they reply to customer feedback. For example, if your competitor’s customer service is more highly rated than yours, consider how they typically respond to comments and questions (both positive and negative) as you may be able to implement this into your business.