The online world is brimming with competition.
At Traffic4Me, we see dozens of campaigns every day, and we know just how full of rivalry every industry is. No matter how niche you think your camel teapot company really is, the fact is that there’s someone else doing the same thing with you out there – and they might even be doing it for a lower price. So how the heck are you going to hang onto your customers?
The first step is not to look at your competition as a massive threat, but to think of them as a great opportunity for learning more about your brand, your business, and your customers. Note that we’re not saying you should run out and start copy-pasting your competitor’s ideas into your own campaign, but a little bit of inspiration never hurt anyone. In fact, no matter which business you’re in, chances are you’ll benefit greatly from studying your competition.
Just look at the world’s best athletes, executives, and entrepreneurs for example and you’ll soon see that they make studying the competition a valuable part of their routine. Kobe Bryant gets pumped up with videos of his opponents before a big game, and if you’re planning to be the best around at what you do, you need to know what else is out there in the industry and what they’re doing.
Of course it’s no good simply marking down everything you learn about your competitors, from their favorite color to their shoe sizes. Instead, you need to know what to look for. It’s not about copying ideas, it’s about figuring out your competition’s strategy and learning what works for them so that you can adapt it, improve it, and use it to make yourself more money.
So how do you get started?
- Do More than a Google Search
There’s little doubt that most research projects should start with a Google search. I did a google search before I even started this article!
However, it’s worth noting that when you’re gathering intel on your competitors, you’ll be better served if you take your search farther than peeping through their office windows. There are plenty of tools out there that can give you an interesting glance into what your competitors are doing. For instance:
- Google Alerts – Keeping an eye out on why people are talking about your competitors is a good way to figure out what you should be focusing on more in your own campaigns.
- Google trends – If you want to stay on top of the latest information in your industry, Google trends is great for that. It can also help you to compare your company to others, see where the people who come to your site go, and more.
- SpyFu – If you’re looking to see what AdWords and keywords your competitors are buying, then few tools are more popular than SpyFu.
- Tap into Your Social Spies
We’re not suggesting that you initiate your social following into some sort of shady cult that records information about competitors on your behalf, but that doesn’t mean that you can’t use your popularity to your advantage in the business world.
At Traffic for Me, we get you traffic, then you use that traffic to build a loyal following that might reach from email marketing to social media. On social media – whether you’re big on LinkedIn, Facebook, Twitter or Google+ (Hey, someone uses it) – you should be able to pick up interesting things about yourself and your competition just by tuning in.
Monitor blog posts, Facebook posts, Tweets, and other social media mentions for key phrases for a cost-effective way to stay in touch with your adoring public and learn more about their relationship with your competitors.
In a similar way, scouring through online reviews on things like Yelp can be a great way to see what other people are saying about your biggest competitors – so that you can adjust your techniques for better profits. If your competitors are getting rave reviews about their customer service, while your help-line runs using a single half-educated monkey – then you probably know what’s going wrong already.
- Speak to your Customers
Crazy, we know. But how hard could it be?
When it comes to finding sources of information about your competitors, don’t skip the most obvious option: your customers. Speaking to your customers will give you a cheap and easy insight into why they bothered to pick you over the other people out there.
Sure, you might get your traffic from us, but why did the people who make up that traffic decide to become repeat customers with your business? Whenever you win a customer, find out why they chose you, who they used before, and whether there’s anything you can do to maintain their loyalty over the long-term.
The same applies when you lose a customer. You can identify what they preferred about your customer with a quick “Sorry to lose you” email. These emails can even come with extra gifts to try and tempt your lost customer back into your corner. The more you learn from your customers, the more you can adjust your own offerings and shout down the other companies holding you back.
- Recruit Your Competitors’ Talent
You might already have your own great staff members that are holding your business aloft, but chances are that for most small businesses that there’s a skills gap somewhere that simply needs to be filled. One of the primary reasons people turn to other companies instead of sticking with you is that those companies can offer them something that you can’t. In other words, you need to up your game!
A particularly effective strategy for putting yourself ahead of the competition is to poach their most talented employees and team up with the partners that your competitors are already working with. It might seem shady, but business is full of difficult dealings and you’re probably not in it to make friends.
Of course, taking your competitor’s talent isn’t as simple as approaching someone from an opposing company on the street and requesting that they leave their cushy job in exchange for a place at your less successful business. You’re going to need to sweeten the pot quite a bit. Go digging in your books and see what kind of loot you can free up for new hires. (It probably won’t be a hidden pirate treasure, but it’s okay to set achievable goals).
Still, if you can offer something special that’s going to make your rival’s workers come running to you, then do it. Even if it means dipping deeper into your staffing budget for a couple of months, the chances are that the results will be well worth the price.
- Get In Touch with Your Competitors
Finally, once you have a good idea of who your competitors are and you’ve looked into all of the sneaky and secretive ways that you might be able to gather information about what they do to generate success, you could always try an old-school method. In other words, you could just call them up and ask more about them.
One of the best ways to research your competition is to call them and act like you’re an interested customer. The chances are that most companies will be happy to tell you everything you need to know over the phone, especially if you phrase your questions correctly.
For instance, if you want to know how many people work within a specific sector of a company, just say: “I need a lot of focus for my project, and I’m worried your organization might be too small. Do you have enough staff to help me?”
If you want to know exactly how profitable certain techniques are within a business marketing strategy, the same technique can apply. Just ask “I want to feel as though I’m investing in a sure thing. Can you give me some studies on how you’ve found success in the past?” The possibilities are endless.
Revamp Your Marketing Methods
When’s the last time you really looked at your digital marketing campaign?
Analyzing your competitors will give you a good idea whether it’s time to really start making some changes to whatever you’re doing in your business.
If your competitors are getting more click-throughs and better conversion rates than you, chances are that something you’re doing (or not doing) is the problem. Compare yourself to the biggest players in your industry and find ways that you can boost your marketing methods based on what’s working for other people.
It’s not stealing, it’s just…the quiet and discrete liberation of ideas.






















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