23/01/2018
LEARN FROM THE COMPETITION-
Just yesterday I had a chat with an associate of mine. Being that it's the first time for us to communicate this year, he said happy new year and I responded. But after the whole conversation it got me thinking.
Some of us are still under the impression that it's a new year. But need I remind you that the new year has just 12 months and we are already on a countdown to the conclusion of January.
We need to go back to the drawing board and step up our acts if we are to grow this year.
As a SME business owner, you can't stop learning. Because for you to grow more you need to learn more and apply. One source I have personally found to be resourceful are my competitors. I know it might sound unconventional to you but it's true. You can learn a great deal from them.
It's a known fact that the world super powers like the US, Britain etc all spy on themselves and other countries for various reasons but the bottom line is they spy to learn.
Also big international companies monitor/spy on themselves for the same reason so much that the term "corporate espionage" was created.
So who said u can't do the same to your advantage?
As the old saying goes; keep your friends close but your enemies closer.
Figuratively your competitors are your enemies(don't mention their names to your pastor. Lol).
5 THINGS YOU CAN LEARN FROM YOUR COMPETITORS:
1.Response Time: If a customer contacts your company or sends an email, how long do they typically wait before getting a response? Do you know how that wait time compares to your competitors? Most customers will contact several similar businesses and work with the first company to call them back. Whether or not it’s the best choice is irrelevant. They have made a connection. Make sure you know your competitors’ response times, and then beat them.
2. Social Media: First of all, if your competitors have social media platforms, and your business does not, your competitor has an edge.
Let’s assume you do have social media campaigns. Spend some time on your competitors’ pages and see what posts get the most engagement. Do they share photos of employees or video interviews with the CEO?
Do they offer specials for people who like their page or follow them on Twitter? You don’t have to do everything exactly the same, but you do need to have an active social media presence.I'm
3. Content: What types of content are other businesses posting on their social pages? Are they sharing photos and quizzes, asking questions, or posting industry updates? Look at the engagement on sites like Facebook, Twitter, and Instagram to see what their (and your) customers respond well to, based on comments, retweets, and Like counts. Use social data to understand what customers like and emulate those post types on your own networks.
4. Websites. A business’ website is as important (or more so!) as a brick and mortar store. Check out competitors’ sites: what’s different about their layout, their photos, their navigation? If they’re getting more business and customers love their websites, try to figure out why (high quality images? minimalistic design?) and use that to inform how to design your website in a way that is informative and visually appealing to your visitors.
5. Planning Ahead: You don’t want to be selling flip phones when everyone else is selling android phones. By monitoring your competitors, you will always know when they are ramping up their marketing for their next big thing. You’ll notice changes in their strategy and have some time to prepare for the change in the market. If you don’t pay attention, they will likely overtake your business and claim your customers.
Conclusively Whether or not your business succeeds depends on many factors. But the most important component of your success is your ability to provide a service to your customers, and to do it better than your competitors. Without studying their business strategy, you will have no way of knowing where you stand. Take the time to analyze your competition and see how much you can learn.
