How to Keep Up with your Competitors?

Businesses, particularly the small to medium-sized ones, are always busy thinking of how to successfully establish and strengthen their brands. Usually, they think of the strategies and technological tools that they can adopt to deliver efficiency in various business aspects such as communication, marketing, and productivity. However, another aspect of the business that should not be neglected is the monitoring of competitors. Surprisingly, many businesses don’t do this.

Tracking competitors does not only make good business sense; it is actually crucial to the growth and strength of your business. Knowing what your competitors offer the consumers and how they improve their products and services is a great help in keeping your own very competitive. With these, there is really a need to monitor your competition. Below are the different ways on how to keep up with your competitors:

Check out the social media photos of your competitors.

One of the easiest ways to have knowledge about the latest from your competitors is by checking their social media accounts. Today, most of the businesses have their own Facebook Page where they post updates and photos about their products or services. With these, you can easily have an idea on how they attract their target customers. You can have a deeper understanding if you view their promotional and publicity gimmicks on the social media.

Aside from Facebook, many businesses have Pinterest and Flickr accounts. By monitoring these social networking sites, you can also have an idea about their plans for the future, the number of employees they have, the type and kind of technological tools they are using, and many others. With the amount of information you can learn from their social media posts, you can make your own business even better.

Subscribe to blogs of competitive companies.

Aside from their social media posts, another great way to keep up with the competition is to subscribe to your competitor’s blog. You have to read their latest posts regularly to know about their new features or new product offerings. You can also have knowledge about the company’s new partnerships and transactions by doing this. Moreover, you can have an idea about the culture of your competition. From this, you can learn something that you may also apply to your management system.

Offer more competitive products.

You can definitely have an edge over your competitors by offering the consumers more competitive products. However, you cannot do this by forcing yourself to think about improving your products without poking on your competitors. So, if it is needed, you can have an account for every competitor. By having access to their websites, you can have a peek on the soft-launch of their new features which are announced weeks before they do the press release. With this, you still have enough time to repackage your product to make it better than what your competitors offer.

Monitor competitive activity on Twitter.

As you know, Twitter is one of the most popular social networking sites aside from Facebook. By being active on Twitter, you can have an idea of which company is most talked about and what products are trending. Aside from monitoring purposes, you can also create a hype about your business and its products through regular tweets and by having a huge number of followers. You can do this by engaging your target customers.

With all these tips, you can definitely have an edge over the other competitors. Following these can help you improve your products which can attract more customers. In this way, you can have a better chance of increasing sales which eventually increases revenue.

Read more: 

• Why Do Customers Buy From Your Competitors? Because They Can
• Best CRM Software Tools