09 Oct Ways Your Competitors Can Actually Help You
Competition doesn’t always have to be a bad thing. As a business, there may be times you wish your competitors would just disappear, leaving you to rule the market. However, there are some benefits to having healthy competition that you may not even realize. We’ve outlined a few ways you can actually benefit from your competition below.
1. Take Advantage of Their Social Media
If a player in your field has a particularly stellar social media channel, your first instinct may be jealousy. But there is no need to be upset by their prowess – you can in fact use it directly to your own advantage. Assuming this competitor of yours is in the same geographical area as you and sells relatively similar offerings, then their audience is probably full of people you are trying to target as well. By collecting all these potential fans in one place, your competitor has then just made it more convenient for you to reach them all without having to spend time and effort individually searching them out. You can use this audience to your advantage by targeting them with ads, interacting and connecting with them on an individual level, and offering them discount codes and exclusive offers. By having a strong social media presence, your competitor just makes your job easier by gathering your target audience together for you, saving you hours of time and effort.
2. Mimic Their Successful Marketing Tactics
Beyond just social media, you can learn from methods your competitors are using to drive their success in other ways as well. Whether it is a new form of advertising, a type of special offer, or a loyalty club, whatever is working well to drive business for your competitors is worth noting. Use these successful ideas, and put your own twist on them, to try tactics that will hopefully work just as well for your brand. Be careful to not mimic your competition too closely: expand upon their methods, and offer something slightly different or new so customers do not see your marketing and feel like it has just been copied from the competition.
3. Capitalize on Their Shortcomings
Also be sure to pay attention to what your competitors are NOT doing well. Take the time to look at reviews and feedback people have left for your competition to see what customers feel is lacking or not up to par. Compare your menu of offerings to see what you have that they don’t. You can then focus your efforts on those aspects of your brand, and use that to entice customers to shop with you instead.
4. Use Their Successes as Inspiration
On the flip side, you can also benefit from paying attention to offerings that are particularly successful for others within your field. You may be able to notice patterns about what types of specials perform well, and use that information to inform your own next move. Seeing creative new things your competitors are trying out may spur your imagination and inspire a new idea of your own. Taking notes from other brands can motivate more creativity than trying to keep your head down and come up with new ideas all on your own.
5. Collaborate and Partner Up
It doesn’t always have to be about beating your competition. Sometimes you can actually team up to offer something that is mutually beneficial to both parties. Chances are, you and your closest competitors each have at least slightly different specialties. Combine what you are each best at and use it to create something that is even better than either of you could have created on your own. These special, limited-time offerings will drum up excitement about both brands, and hopefully bring in new lifelong customers for both of you!
As you can see, healthy competition can actually be beneficial to your brand. Whether your competitors are stumbling or succeeding, there is something to be learned and gained from their experiences.