As a business, you're going to have rivals. A lot of people feel threatened by these challengers, but they can be a good thing. Imagine your competitors as being tools to show you things about your online business you might not have previously seen.
So here are ten things that you'll pick up from paying close attention to your rivals.
You need to know how fresh your brand is in comparison to the rest of the market at all times. Your rivals can help with this. Their sites are good indicators to see if you need to update, refine or change a part of yours to attract more customers.
The positioning of your brand can make a massive difference in sales. Looking at the sites of competitors can help to show you if you're on the right track, or whether you need to evaluate the style and price of your products. Are you are premium price positioned and a luxury brand or are you competing on low prices and value?
Social media makes up a big chunk of modern marketing, so you need to make sure that your site is one which connects with the various platforms like Facebook, Instagram and Twitter. If your clients are connecting more with people than you are, they'll get the sales. Time to tweet!
Looking at your competitor's MOZ Ranking is a good idea for figuring out how much traffic they have. If their traffic numbers are much bigger than yours, why is this the case? Have they focused on building links and paid for ads? Analyse their site to try and figure out what they have and what you need.
A lot of companies build relationships by reaching out to influencers and bloggers who can help to increase their visibility, promote sales and improve site traffic. If a rival company has the backing of an influencer and you don't, it's time to make some new friends.
One of the best things to do is to look for reviews and stories about rival companies. If they consistently provide excellent customer experiences, then you need to emulate that to get the same level of success.
Customer service ties into the experience of the user here, but it's essential nonetheless. If your competitors have a reputation for reliable customer service, find out what they're doing and implement it into your team.
Building trust in any brand is vital for success. So when your rivals have an image that is well-liked and mentioned positively, it can prompt you to think about whether customers trust your company as well. If they don't, you've got an area you can improve in. Reviews, testimonials, guarantees and social proof is key to building this trust in your own brand.
A blog is an excellent resource for getting the most out of your website and helps to build a relationship with customers, as well as establish authority in the industry and improve SEO. If your competitors have content that they publish regularly and you do not, change that right away and get a blog set up.
Here's the thing about your competitors. If they make mistakes, you'll know what to avoid! Take note of their failings as well as their strengths - it all helps you to improve.
So as you can tell, a competitor can offer you a lot in the way of suggestions. Learning marketing techniques such as competitor analysis and understanding what to do and what not to do is vital for success, so take some time to go and find your biggest rivals and look at their online business. The more pointers you can collect, the better.