Whether you want to admit it or not, your competitors are out there champing at the bit ready to steal your clients. That may seem unfair, especially when you're always trying to stay on top. Nevertheless, that's the reality and you're just going to have to accept it OR do something about it:
Diligently maintain records with information on your competition. It is a fantastic strategy for the development and growth of your company. Make the decision to start keeping detailed records today with all the activity of your competitors.
"By monitoring competitors on an on-going basis you get to know their behaviour and so can start to anticipate what they will be likely to do next.” (Arthur Weiss).
Imagine that you are fully aware of what your competitors are up to. You are now in a position to create your own strategy so as to keep your clients away from the competition.
Without a doubt, the best tactic is to hire someone and save time and money but you could use the techniques listed below almost for nothing.
1. Google Search + much much more
There's absolutely no doubt that every research effort these days should start with a simple Google search or by visiting your competitor's website. However, there are also a variety of other tools, either provided by Google or which are related to Google's search results and Adwords campaigns, which could give you interesting insights into your competition.
SpyFu: An excellent resource to find out what keywords your competitors are buying.
Google Trends: A Google tool based on the Google Search results. It shows how often a term (keyword) is searched for with the total number of searches worldwide (in different places in the world as well as different languages).
Google Alerts: Follow all the ‘latest' on the internet based on the preferences you have chosen.
2. Turn reporter
This is a great and free way to research your competition online and offline. To begin with you could take as an example a brand that you admire and consider successful, then record the brand's activity. This ‘case study' you have undertaken will result in your recording a successful methodology.
Furthermore, use tools like, Alexa Compete, Keyword Spy, Hoovers to check out your competition.
3. Social Media
Social media when used for professional purposes ‘demands' that the account is updated on a daily basis. In other words, this is a unique opportunity for you to monitor your competitors - see how they're thinking, how they operate etc.
4. Talk to clients
Speak to your customers! It's the best way to gather information on your competitors. To start with, ask them if they have been ‘approached' by the competition and in what way. In addition, try to rekindle your relationship with the customers you have lost. Ask them why they left, what did the competition offer that you didn't?
5. Go to a conference.
Attend at least one conference, related to your business, a year. There, not only will you be able to monitor your competition, but you will actually get to meet them in person.
6. Ask your suppliers
If your competitors have the same suppliers, ask some questions - within reason! If you manage to ask the right questions you may be able to find out some very useful information about the competition.
7. Hire the ‘competition'
One alternative strategy is to hire employees from your competitors.
8. Who's the competition hiring?
You should always take a keen interest in who is being hired by the competition. Which positions? With what skills? In this way, you'll be able to work out where your competitors may be investing - in new departments, new products etc.
9. Carry out research
Create a questionnaire with quick and clever questions. One really fast and cheap method is to set up your questionnaire online.
10. Give them a call…..
In the event that you've done all of the above and you're armed with plenty of material so as to come to a realistic conclusion but you're just missing that little piece of information…..then give them a call!
