Almost all businesses have competition.
Even if your idea is super-unique, crazy hard or pretty mysterious like the Antarctica’s Blood Falls, you are not immune to competition. Someone will follow your lead and try to beat you at your own game.
The point is, your business is like a battle-ground. You need to know who your enemy is and their strategies they are using. Armed with the knowledge, you can easily launch terrific plans or counter the strategies they are putting up to stay ahead. In fact, part of the fun of business rivalry is stealing prospects from rivals.
Here are 5, simple yet highly effective strategies that will help you identify areas where your rivals are failing, what they are beating you in and everything in-between.
HOW TO LEVERAGE YOUR COMPETITORS’ TACTICS
Your competitor brands are targeting the same audience as your brand. Pay attention to what they are doing and the platforms they are using.
• Take a look at their target audience
Chances are you are sharing the same platform. Listen to their messaging. Who are they targeting to explore? Try to establish whether there are overlooked audiences you need to explore. What’s working and what’s not working.
One of the best ways to do it is by looking at their outbound advertising. From the nature of ads they are running in their vertical, you can easily tell whether:
a) They are trying to expand their presence in the area with a goal of launching a new service or product.
b) Or they are simply targeting a certain demographic.
Tools such as WhatRunsWhere, AdBeat, and Moat can help you track your competitors advertising. AdBeat, for instance, shows you where the competitor brands are advertising, where they are pumping most of ad dollars and where are excelling or failing at.
Image Credit: AdBeat
Other spy tools like SpyFu and iSpionage helps you find out which keywords your competitors are trying to monetize, their landers and what ad copy they are using by simply entering a keyword or domain name.
From the reports generated, you can easily discover areas of marketing you have never tested yourself and where you can target to increase profits for your business.
• Where are they reaching their audiences?
Listen to their conversations and discover where they often get their customers from. For example, if you discover that your rivals land most of their customers in conferences, try to doing an organic search of conferences in your vertical.
While this research might consume a bit of your time, it won’t cost you anything unless you decide to attend the conferences. Here in example on how you can do it.
You can put the information acquired to different uses. For example, after noting the audience they are trying to reach, you can devise better strategies to smash your competitor and squeeze more dollars for your business.
HOW TO DISCOVER WHAT DRIVES CONVERSIONS
Every day, brands are devising sophisticated ways of driving conversions. By tracking your competitors’ conversations, you can easily find out why potential customers bought their products or services.
Look at your competitors social feed – at least on the three major social platforms – Twitter, LinkedIn and Facebook. Tools like tools like Social Mention will help you to establish how frequently certain keywords are used in tweets and Facebook posts in real-time.
So you can easily monitor your competitors, how they are influencing conversations and consequently conversions out there.
From the discussions, you will identify the specific conversations that prompted the customer to make a purchase. Now you can happily use that privileged information to pump up your profits.
HOW TO GENERATE LEADS FROM UNHAPPY CUSTOMERS
Normally, luring your competitors’ customers to your side may appear pushy. And could potentially backfire on you.
Look for specific customer feedback about their brand. By tracking brand-specific mentions, you can easily establish where your competitors are doing it wrong or what makes their customers unhappy. If a prospect expresses dissatisfaction or has a problem that you can solve, don’t be afraid to let them know.
You never know. You can easily turn them into a regular customer! For example, through monitoring their competitor’s brand names, Close.io discovered a potential $585/month- in- recurring- revenue customer for themselves.
HOW TO MONITOR COMPETITOR PRICES TO INCREASE SALES
If there is anything that can be blessing to your bank account in the game of retail is competitor price tracking. Consumers have the pricing information at their fingertips and can easily decide to buy or break their decision to buy from you.
Besides, the rise of showrooming means that finding a substitute for your product is as easy as doing a simple internet search.
You want to improve your retail business. You don’t want your brand to be on the receiving end of ‘rejection’. Combining your company performance data and your competitor data allows you to create a more effective pricing strategy.
Pricing tracking tools such as SpotLite are known for their no-nonsense automatic price monitoring both for local and international businesses. The “Amazon ready” tool provides both brands and retailers with a very easy-to-use, highly effective platform enabling them to track and monitor as many competitors as they wish with a 30 day free trial.
Using SpotLite, you can easily introduce your competitors’ products whose price you wish to monitor and see how your product’s pricing compares with what the competitors have. Based on the insights provided, you can either increase or lower your pricing accordingly to increase your profit margins.
Besides, dynamic price monitoring ensures that you never miss a price change. So that you can focus more on what matters most: understanding your competitors and channels pricing so that you can easily make timely, informed decisions based on accurate real-time data.
WRAPPING IT UP…
Your spy mission is meant to continually bring back information that will improve profitability to your business.
The strategies and spy tools discussed in this article can help you understand the market you’re in, how you’re positioned against your competition, determine how to stay ahead of the game and increase profit margins.
But ensure that you don’t get caught up focusing on your competitors’ tactics and moves that you forget to come up with your own business’ growth hacking strategies.