Competition is good in every business, it generally means the industry is healthy and growing. Every business owner knows that running and maintaining a business is never easy. In fact, there’s a lot of ups and downs. When businesses experience tight competition in the local community, the business owner should step up their game and find a new direction to outplay and gain the advantage over competitors. Don’t let the fear of running out of business consume you. Our Nashville digital marketing team would like to share the secret steps of how to gain the advantage over your local competitors.
There’s no point in panicking when your local competitor is doing something that seems to work for their business. Every business owner has their own share of ups and downs. What we advise you to do is to take a deep breath, go out for a walk and don’t let fear drive you. Instead, find creativity in silence and peace. You might end up with a bright idea that can help your marketing and business boost its sales. The hype will soon diminish and your time of success will come.
Investigating a crime scene or spying on your competitor can be fun and thrilling just like the episodes in Sherlock Holmes. If your local competitor seems to nail their marketing, there’s no harm in visiting their physical store or location and experience it yourself. You can learn a lesson on two on why people are actually buying your competitor’s products or services compared to yours. Maybe their success is due to the store’s ambiance, hospitality, the customer service or the overall shopping experience. The same is true of web presence. What do users like about the competitors website, social media, email marketing? What do they like about yours? Is there an opportunity to improve?
Don’t limit your learning by spying only in your business’ industry. You can also learn other industry’s business success and apply a few techniques and tips for your business. In terms of digital marketing and technology, simply follow what works. Gain from others successes and experience.
After doing a couple of rounds spying on your competitor and other businesses, make use of the data and what you have on hand. The job isn’t over once you’ve done the research; the second half is figuring out which data is most relevant and determining how you can use it to better your business. Don’t let your efforts go to waste. You can replicate their success with your own little twist. Or you can creatively devise a plan or a strategy that you think that will make your business standout compared to your competitor.
Stay focused on your vision of the company! We often get discouraged when evaluating our competitors because very few of us have the self-confidence to think we are superman or woman and can do everything better than the other guy. Know your unique selling proposition. Know that it has value and don’t lose yourself in somebody else’s apparent success. Gaining an edge on your competitors is about making progress so whatever you do, and however you process the information you find, always move forward.
If you are interested in getting a Competitive Analysis for your business, please email me or give me a call. To sum up these steps, WSI has created a simple infographic here.