In any business, knowing your competitors is always part of the strategy. This will help you prepare for the future and maximize potential opportunities. The key is to determine which products and services you need to improve.
Here’s how you can learn more about the activities of your competition and what you should do about them:
1. Search Your Direct Competitors
Refer to your list of direct competitors and explore their website. Take note of their products and services. Follow their social media pages as well. Stay updated with their latest promos and other packages. Make a keen observation of how they manage their website and other social networking sites. This includes the way they interact with their clients and the things they post online.
2. Use Updated Online Tools
Other than Google Analytics and AdWords, explore other tools, such as SpyFu, Google Trends, and Google Alerts. These tools can help you monitor recent activities of your competitors. SpyFu, for example, allows you to find out which keywords and AdWords your competitors bought. On the other hand, Google Trends and Google Alerts will keep you updated on the hottest topics in search engines.
3. Monitor the Market Value
Understanding the market value and the price adjustments offered by your competitors should give you a significant advantage. You need to react quickly to these changes. Find a price monitoring tool that provides real-time data and enables you to make immediate pricing adjustments. Keep in mind that consumers are savvy when it comes to prices.
4. Study Their Sales Funnel
Understanding your competitors’ sales funnel is one of the best ways to learn more about their strategy. You need to be hands-on with their end-to-end funnel by checking their ads and filling out their forms. Evaluating their ads and landing pages will give you a hint on how they strategize their campaigns.
In today’s competitive business landscape, you need to be quick to adapt to the latest trends. Be prepared to make sudden adjustments and learn to welcome change.