Four Important Things to Learn from Your Competition
Competition is a nasty word. I hear talk about competition as if it were a stalker or a leechridden swamp.
This is really confusing because in reality, it’s good for people to have choices! And it’s even better when they turn into your customers and fantastic when your customers become raving fans!
So don’t worry so much about your competition! It’s natural and healthy. You actually want competition to keep you on your toes, and most importantly, to learn from.
What can you learn from your competition? A great deal!
#1: How to Position Yourself
In my eBook: Conscious Marketing for Ethical Brands, you’ll learn how a strong positioning strategy will determine your sustainable success. If your customers view your company the way you want to be viewed, that’s wonderful. If not, redefine your position to fit their views – IF positive that is – or take measures to reposition yourself.
Now look at your competition. How are they positioned? What are the adjectives you would use to describe them? Write them down. Are they the same adjectives you want to use for your business?
Let’s say your main competitor often uses the adjective ‘trendy’. You, however, know good design when you see it and yes, your stuff is trendy too, but in reality, you want a long-term sustainable customer, a raving fan, not someone who skips around from one place to the next hunting down the latest trend. Instead, talk about the amount of time your customers can spend with your products because they are high quality, long-lasting and always in style. Use adjectives like timeless and stylish.
#2: How to Differentiate Yourself
Learning about your competition’s position will give you insight on how to differentiate yourself. You want to be unique, but you also want to remain authentic and not go way off the deep end if that’s not ‘your style’. Consumers smell fakeness a mile away, so be true to yourself and your brand.
For example, let’s say you and your competition offer a super reliable delivery service. Nothing unique, but if you want to differentiate yourself with this aspect, try bringing it home to your customers. Start a video campaign about your delivery service. Interview the drivers making their daily rounds, write amusing tweets about not having to be stuck on a deserted island for 4 years, honor the driver of the month, etc.
#3: How to Choose your Keywords
Checking out what keywords your competition is ranking for will help you pick your own keywords. You may or may not want to rank for the same words, depending on your competition’s status. If they have a significantly higher domain and page authority than you for a particular keyword, it will be wiser to choose a different keyword. You don’t want to compete for keywords that are too difficult.
#4: What Not to Do
Remember the website Web Pages That Suck? I used to love this website and learned what not to do real quick! Their philosophy was to learn from bad web design. Learning from other people’s mistakes so that you don’t make them yourself. Usability ranked very high on their list, as well it should. Your visitors need to be guided well through the sales funnel.
You could do the same thing with your competition’s website, social media channels and marketing materials. Just say no to things you don’t ever want to do and write down good ideas you can adjust to make them yours.
Your Fans Matter
Your visitors want to have a positive experience on your website, reading your marketing materials, visiting you in person. There’s nothing more important than your fans. Keep them interested in you.
You should always concentrate more on your engagement with your fans than on your competition. If you have enough resources to do both successfully, then, go for it! There are a myriad of tools you could use to perform a complete competitive analysis.
Fact remains, it’s easier to keep customers than to find new ones. The trick is to turn them into raving fans. Once you do that, you’ll increase revenue to move to the next level and meet your goals, both business and private.
Stay Ahead of your Competition
I’d love to hear about your learning curve with your competition. Please comment below and let’s talk!
And to learn how to increase revenue, fill in the form below and start reading my eBook: Conscious Marketing for Ethical Brands
Sending the very best,