What Can You Learn From Your Competitor?

Learning from the competition is an advantage to any business in any industry. Doing a little research on their background and studying their habits will net more knowledge than most two year college degrees. Let's look at Google and Yahoo for an example. Yahoo! dominated the search engine and web presence industry for a long while. But when Google came on the scene, they provided everything that Yahoo! had not noticed was in demand. They also recognized avenues to produce revenue that had been overlooked.

Here are a few tactics businesses can use to turn their competitors into educators:

• Study how effectively they reach their target market and the strengths of their approach to meeting customers needs
• Perform a Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis on their product or service 
• Stay abreast of press coverage and their community involvement, donations, and charitable causes and overall attitude towards social responsibility
• Set a goal to learn not criticize, being objective and implementing strategy that will yield results
• Read their blogs and social media sites to glean any helpful advice they may offer
• Take a step back from the business mindset long enough to be a consumer and assess room for improvement
• Make a list of why a customer would choose your competitor over you
• What does the competitor supply that the market demands?
• What does the competitor lack that the market demands?
• What processes could your business benefit from?
• Look at price -- would adjusting prices cause customers to perceive more value from your company or feel overcharged?
• What type of overhead could be cut out from company expenses?

Continue reading on Examiner.com 

ChrissyBiz Solutions provides clients with customized, results-driven web marketing strategies. Our primary business writing duties include: article marketing,  search engine optimized web copy, blog content, social media, press releases, and newsletters  designed to drive traffic to your website and influence buyers decisions when purchasing products and services.

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