There is no fun in doing something that is not challenging enough for you. So, the fun in business world is taking the challenge of increasing your customer base by competing with your competitors and knocking them out with your marketing strategies. It is impossible to sell your product without being different from your competitors. To stand out from your competitors, you must have a unique selling point and that calls for an in-depth analysis of the offering of your competitors so that you can create a differential edge in your offering. It is indeed a survival of the toughest scenario and demands you to keep an eye on your competitors throughout. You do not have to look for illegal ways like hacking at all. There are countless legal and harmless ways to keep a track of your competitors and carry out their SWOT analysis so that you can effectively point out their strengths and combat them by playing on your strengths.
While the entire world has been introduced to digital marketing, it is wiser to keep a track of your competitors and their marketing strategies online. There are five ways that every business must adopt to keep a check on their competitors online:
Analyze Their Website:
After you have identified your competitors, check out their website rankings at first. Visit the website and have a detailed look at the webpage. Observe the type of content on their website. Furthermore, look out for keywords that they are incorporating. Read the blogs and make a note of what topics do they cover. Additionally, check out if they have any free offers that you must immediately start off with. Lastly, check if there is an email list for the visitor to sign up for.
Follow Them On Social Media:
While likes are the last thing you must look for, make sure that you make complete note of what type of posts do they generate? See the comments of the customers and see if they are complaining about something and how you can make use of your offerings to attract them to your product/service. Spending some time on their social media pages will give you a complete idea of their social media strategies so that you can also adopt the best ones and stay in the game.
Make Use Of Web Based Tools:
Google Alerts is the best option as it saves your time and you do not have to compromise on your sleep anymore to keep visiting their website for updates. Google alerts will aid you by sending you all the updates via email. Google Trends is also quite amazing as it collects information about all the latest topics. You can have all the information about your competitor’s website activity. You can also compare the activity of two websites simultaneously through this tool.
It is extremely important to realize that your offering is different form your competitors and you cannot make the thoughtless mistake of blindly copy them because this will make your customer confused about your offering. The success of your marketing strategy lies in how deeply you analyze your competitors and how cleverly you adapt your marketing strategies to generate revenues for your business.