This week we take a deep dive into evaluating your competition. We take a look at what things to keep an eye on, what can be ignored and what should be ‘borrowed’ when it comes to your local and global competition.
Reasons to pay attention to competitors:
- What are they doing differently for their…
- Website
- Social media
- Review responses
- …and are any of these things worth drawing inspiration from for your own business?
- Reviews:
- What are their customers saying they are doing well?
- Is this something you can capitalize on?
- What are their customers saying they’re not doing well?
- Is this something you can capitalize on?
- What are their customers saying they are doing well?
- Knowledge Expansion
- If they are blogging, podcasting, email marketing, etc. is this something you can read/listen to and learn from?
- Enemies to Lovers
- Are you able to pinpoint an area in your business that they could better assist your clients and vice-versa? Could you consider an opportunity to partner with them?
- Digital Ads
- Which ones are running ads?
- What do they look like?
- Do they follow best practices?
- What do their landing pages look like?
- Are there any keywords that aren’t being bid on that you can capitalize on?
Reasons not to pay attention to competitors:
- Comparing ‘vanity’ numbers like follower count
- Assuming a certain type of digital presence translates to an excellent service or product.
- Trying to mimic exactly what a competitor is doing
- If you’re getting too caught up in watching your competitors, you might be losing sight of your own business.
- Instead of trying to compare yourself to your competitors, look at where you were a year ago, two years ago, etc. and evaluate your own growth
Elli lets us know What’s Grinding Her Gears this week.
Ellen Crnko
Ellen Crnko is the Project Manager at SIOD. She specializes in client communication, project organization, internal processes and content creation.
