It’s no secret at all. To get ahead in business, you have to learn from your competitors. You know what they say, “Keep your friends close and your enemies closer.” This means even if you are a market leader, there’s still a lot that you can learn. This is the only way you can ensure you stay ahead.
However, this doesn’t mean that you go ahead and imitate everything. On the contrary, while imitation is the greatest form of flattery, it might be counteractive to your business in the end. What studying your competition does is give you a little more perspective. A greater sense of what the market is looking for. What makes them tick and what doesn’t.
Best marketing strategies examples, customer preferences, effective marketing techniques and what’s selling. In this article, we’ve rounded up 10 important things that you can learn from your competitors.
1. New and Existing Return Policies That Are Out There
The chances are you’ve focused on everything else but the return policies. And depending on how you have tailored them, you’re either throwing your customers off or attracting them. The truth is, return policies can either scare your customers away or help you make a sale. By understanding the policies that your competitors have put in place, you can tailor yours to be more alluring to your customers or at the very least competitive enough to help keep your existing customers.
2. What Customers Are Looking for in a Product or Service
This is an important point to remember if you’re to have a shot at succeeding. And luckily, there are endless avenues to get the information you need. Try checking out your competitors Facebook, Instagram and Pinterest pages to get a glimpse of what customers think about certain products. The various reviews and the number of likes. Compare the conversations people are having about various brands with your own brand too. With this feedback, you can tailor both your merchandising and marketing efforts to suit exactly what the customer needs.
3. What’s Unique and What’s Not
With business, it’s all about what’s different with your offer. You’ll be in competition with probably dozens if not hundreds of other brands and the difference between you and your competitor is how unique your product or service is. Or better yet the whole shopping experience. If your competitors have incorporated something extra to make things a little spicy for their customers, study it! Of course, don’t just copy it blindly. But do an in-depth study on what they are doing differently and tailor your services or products to be just as unique or better.
4. Best Marketing Strategies Examples
The ultimate goal of any business is to make sales. And what better marketing strategy to adapt than the use of promotional offers that attract more customers? Chances are that you’re playing it safe and trying to save every single penny you can. However, no one ever got ahead by playing it safe. If your competitors are offering promotional offers, you’ll have no fighting chance at all if you’re not in the very least offering free shipping on a certain number of purchases made. Discover the kind of promotions your competitors are running and then offer unique but alluring counter offers to help put you ahead.
5. Resources and Tools to Use
If you’re going to make more profits than losses, you want to spend less time doing research and more time bettering your business. If you study what resources your competitors are using and the vendors they are contracting, you can cut down on research dramatically. And with this information, you can make a choice that has been tested and proved.
6. How to Engage Customers
This is yet another important point to remember. For your business to be successful, you need to give your customer a reason to stay. However, while talking to them, listening and replying to comments cuts it, you could learn a lot more from your competitors. Figure out what your competitor is doing differently. Is it how they solve customer problems? Or is it more about their fast response? How are their policies like? Are they more customer oriented? Do they use social media and social media influencers to catch their customers’ attention? It could be all number of things. By studying your competitor’s social media pages and perusing their blogs, FAQs sections and product descriptions you’ll have enough information to help you get a little more perspective on what works and what doesn’t.
7. Design Trends That Work
If your competitors are making more sales than you are, there is a good chance that you’re doing something wrong. And while it could be all number of things, design trends are definitely a deal breaker. The web is an extremely competitive place and customers more than anyone else like to have simplicity at its best. A user-friendly experience that will not cause them grief. Taking a peep at your competitor’s design trends might give you a little more insight on how best to tailor your designs.
8. How to Price Your Products
There are two main reasons why a customer will choose your competitor’s products over yours. The brand’s reputation and the pricing. And while it sounds pretty straightforward, pricing is probably one of the hardest things to do. By studying your competitor’s pricing and keeping an eye out for any changes in their daily, monthly and weekly pricing, you can tailor your prices to be a little more competitive. Not to mention alluring to just about any bystander.
9. What Ecommerce Platforms Work Best
We mentioned earlier that you could study the resources that your competitors are making use of. Well, this point is pretty much like it. Checking out what E-commerce platforms your competitors are on can help you get more opportunities to build something more robust. After all, there is a reason why they are on Magento, Shopify and WooComerce and not any other platforms.
10. How to Structure Your Product Data
Half the time, customers will make a purchase decision based on how you have structured your product. Not convinced? Check out how your competitors have structured their products and if their sales are any better. Chances are if they have a well laid out product structure, they are making killer sales. By studying your contenders in the market, you get a little more perspective and an idea of what customers are more inclined to pick and why. With this information and a proper strategy, it’s just a matter of time before you start making headway in your business.
As you can see, competitors play a vital role in your business’s success.
Try to learn about the best marketing strategies examples. How you can attract more customers. Your competitor’s customer preferences. And soon enough you’ll have enough information to help give you an edge in the market.