Have you heard that old saying? “Keep your friends close and your enemies closer”. Of course, you don’t want to leave yourself in danger to anything your enemy may try while you are not paying attention. It is true for the small business and digital marketing world also. It may be inconsiderate to think of competitors as enemies but the analogy works. That’s why it is advisable to keep your enemies closer so they don’t overtake you in business through their online marketing strategies.
How to do that?
Follow these simple techniques for that.
- Look at their websites
- Follow them on social media
- Keep eyes on what they advertise, how they advertise, and where they advertise their business.
- Read their reviews
- Observe their signage
- Sign up for their newsletter
- Google them
- Examine their coupons
Regular observation of your competitors will allow you to quickly determine what’s working for your competitors so that you can also implement their strategies and improve your brand quality. You should look at the key areas such as content quality, branding, relationships, and promotion and examine how your competitor’s practices and how you are doing. Basically, you can do a comparison to improve your own business.
In short, keep them close and watch their every move like a hawk. Here are 3 important reasons why.
1. You want to be the best
You should follow your competitors on social media. So, you will get a better idea of what they are doing? How they are doing? Why they have more fans than you? What are they doing better than you? Why they are in the news? Why they are having all positive reviews? These all are good questions to ask when examining your competitors and then examining yourself. So, follow these tricks and be the best.
2. You want to attract more traffic
By monitoring and tracking your competitors on social media, you will get an idea of how they are getting a lot of loyal engagement. You will get a chance to learn from them. You can apply those strategies in your business. But, don’t be a copy cat. Try to be creative and think about how you can use that information in a unique way to improve your own business and social media response.
If you want to do digital marketing of your business successfully then never rip off or copy your competitor’s content or their marketing plan. Use their marketing as a thermometer but never like a compass. You can even hire a digital marketing agency for online marketing of your business if you are not good in that.3. You want to be one step ahead
Think about what more you can do that nobody else is doing? After thoroughly tracking your competitors, you might be full of creative ideas to take your marketing one step further. You are now capable to come up with ideas nobody else has thought off. So, let your competitor’s ideas inspire you to come up with your own creative ideas.
Also, keep in mind; your competitors are also watching you. So set the bar high, do more, and own the market. Make it hard for your competitors to keep up.
In a nutshell, competition is not always negative and your competitors can present you with a great blueprint about what works and what doesn’t. So, keep things professional, original, and creative. By this way, you can save time, effort, and money and can work hard to build your own brand.