Do you know your competition? If not, do something about it. Allbusiness.com explains why it is worth knowing your competitors.
Find out information about competitors who offer the same services as you. This is called direct competition; indirect competitors offer services which are different from yours but have the same objectives. You can also recognise competitors by googling the key words which your potential clients use when they are seeking solutions. Links which pop up on the first page are addresses of your competitors. Discover which solutions are being offered to your targeted customers. Note the pros and cons of these solutions. Then you can better explain why your own solution is the best one.
Marketing strategy
Study successful competitors. Study also the unsuccessful ones so you can learn how not to do marketing. Subscribe to their e-mails, follow them on social media and blogs. Google them. You will find out how proactive your competition is in communication with customers and in marketing efforts. You can learn how to communicate with your customers.
Make a note of social media and blogging strategies. The same applies to e-mail marketing, advertising, PR and web pages. Get ideas. Also see what is lacking in marketing and content. Knowing your competitors' weaknesses helps to enhance your strong points and tailor your value to customers.
Collaboration?
It sometimes happens that competitors do not compete with one another. This is common in some sectors providing, for example, assistance, where there is more work than one firm can manage or they do not offer what the competition offers. If it is beneficial for all involved, this principle can be used in the world of business.
If you want to start collaborating with someone, be supportive. Share their content on social sites and comment on their blogs. Show them you are interested and leave them to decide how they wish to react.
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