When you have similar businesses doing the same thing you do, you will always feel challenged to put in your best and do extra of what they do to remain relevant in the market.
Most successful businesses have competitors and to gain more grounds than your competitors, you watch to understand their targeted market, tactics, and the strategies they are using.
Here are 4 ways to learn from your competitors;
There are many available tools for free to monitor how businesses like yours are using social or search marketing platforms.
These tools include;
3. Search engines
Knowing how your customers feel about, after their experience with your business through a feedback system helps you understand how your competitors are doing.
By putting yourself in your customer’s shoes, you will be able to see what service or experience is working more easily by checking your competitors incentives, events, activities and so on.
𝗗𝗶𝘀𝗰𝘂𝘀𝘀 𝘄𝗶𝘁𝗵 𝘆𝗼𝘂𝗿 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿𝘀 𝗼𝗿 𝗲𝘃𝗲𝗻 𝘀𝗶𝗺𝗶𝗹𝗮𝗿 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀𝗲𝘀
Always remember this, other similar businesses were on ground before you came. This means that some of the customers you have now are coming from somewhere.
Therefore, try to find out what is working best or why you lost customers, get responds and know about things you might want to do differently in the future.