One of the ultimate goals of any business is to make a profit. But on the road to profitability, there’s a lot of mistakes and lessons learned. Specifically, what it takes to sustain and grow a successful business. Believe it or not, as you take your business to the next level, your competitors are a great source information. Here are three ways you can learn from them:
1. Read comments on their social media accounts, review sites, and blog posts
Remember, you share a target audience with your competition. So their comments can tell you a lot about untapped opportunities, customer perceived value, and customer engagement. Assess their digital footprint: Which social media channels (also consider content and topics) are giving them the most engagement? What keywords and hashtags are they using? What types of media (e.g. audio, video, images) are they using to communicate with an audience? Now ask yourself: What can I do better?
2. Review their website
What is their value proposition? What are their key messages? A value proposition tells someone WHY they should do business with you over someone else. So, what makes your business different? What’s the pricing? What can you do for customers that your competitors are not doing?
3. Order their product or service to assess the packaging and customer experience
Customer experience is one of the best ways to separate yourself from the competition. What’s the beginning to end customer experience? How are they addressing their thoughts, feelings, and concerns? For instance, can they receive a free sample or watch an online demo? How are they packaging their products and services? What’s the pricing and turnaround time? Do they receive a welcome or thank you letter? What’s the tone of the messaging? What type of support is available? Ask yourself: Can I create something more efficiently?