How to Keep Track of Your Competitors
Knowing how to keep track of your competitors is essential as a business. To keep track of your competitors enables you to see what they're selling, how they're selling it, who they're selling it to, and more. All of this information can help you understand what businesses similar to yours are doing and how you can interpret and adapt their strategy to fit yours. Here's a few tips on how to keep track of your competitors.
Go beyond just a Google search
In order to find your competitors, you're going to have to do a Google search. Once you have fully researched into your competitors, you need to go beyond this search. There are a variety of online tools you can find that give you statistics and such on other companies. One example of this is https://www.spyfu.com/, where you can research what keywords and campaigns your competitors are using. Looking at your competitors keywords and campaigns gives you an idea of what you're going against and what approaches they use in terms of advertising.
Look on social media
A lot of businesses now actually reside on social media to connect with their audience and communicate with people more. When you look at competitors social media, you need to look at various categories such as platforms, how frequently they post, their following, response time, etc. It is important to see what platforms your competitors are using; what works for them and how they utilise each platforms features. You can also look at how frequently they post, what they post, what time they post usually, and more. Tracking their followers and seeing how much they increase by each week can show you how they’re doing in terms of gaining more of an audience. Understanding all of this will give you a clear understanding of the strategy they've got and what works for them.
You need to try and always be one step ahead of your competitors
Analyse their content
Once you're done looking at the technicals of their social media accounts, see what content they publish. Is it relevant to the industry or just relevant to their business? Are they just promoting their business or engaging with customers? See how often your competitors publish unique content such as blogs. Knowing what content is popular with their followers will show you what content could potentially be popular within your following and increase your numbers. It also gives you an indication of what businesses that are in the same industry as you are doing and what works well for their audiences.
Ask your customers
One way to keep track of your competitors would be to ask your customers, when possible. Whenever you gain a new customer, try to find out who they used previously and why they switched to you. If they didn’t switch and you’re their first choice, ask why they chose you. You can also do the exact same when you lose a customer, see why they preferred another company if they’re switching or why they no longer need the service you provide.
Keeping track of your competitors is absolutely crucial as a business. It enables you to see what other people in the industry are doing, what strategy they've adopted and what works well for them. You can interpret and adapt this information in any way you may wish to.
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