Join Dina Shapiro for an in-depth discussion in this video Know your competition, part of Lead Generation Foundations.
- To run a successful business, you have to know your competition. Every business plan, whether you're a start up or have been in business for years should consistently analyze its competitors, so you can make sure your customer purchase experience is a positive one compared to other options out there. What's the best way to understand your competition? Become a customer. Yeah, that's right. Step into your competitions' customers' shoes. Experience their buying journey and understand what your competition does well and what it doesn't do so well.
Let's start with how you can learn more about your competition. This might be easier than you think. A quick Google search, and Google alerts, can provide a ton of information about articles, news, and customer reviews that might make you want to adjust some of your business or marketing plans, and here are even more ways to learn about your competition. Look at their websites. Is information easy to find? What are they offering? Are their prices competitive? Join their mailing list and carefully read all the information you receive.
Sign up for a free trial, read their annual report, contact their customer service department with product questions, or, join online chats and follow them in social media. Once you've collected competitive information, what do you do with it? Well, you can use something called a SWOT analysis tool. SWOT stands for strengths, weaknesses, opportunities, and threats. This is a great tool to think through, "So what?" or "What does this mean for my business?" about all that information you've just collected.
Let's dive into this tool. Identify competitors' strengths. These could be product quality, price, customer service, distribution, sales, marketing, public opinion, or market share. Now, while your competition may have many strengths, remember they also have their weaknesses. Do they lack customer service or product innovation? Are their costs too high for their quality? Maybe their inventory is limited and have a difficult checkout process.
Uncovering and capitalizing on your competitors' faults could create more business for you. What opportunities do competitors create? Are there recent technological advances, emerging trends, or customer frustrations or unmet needs that you can capitalize on? What are the threats posed by competitors? Is there a new emerging offer that will make your product or service obsolete or priced out of the market? Maybe the competition leads in technology or innovation.
Is their market share increasing? Understand the why behind your threats and develop immediate action plans to address them. I've included a SWOT template to help you get started. Go online, start sizing up the competition, and begin gaining the business intelligence you need to differentiate and create a great customer experience.
Finally, discover how to monitor your customer's experience after the sale, reward their loyalty, and measure your program's performance. By the end of the course, you'll have the tools and action plan to keep optimizing your lead generation strategy and expand your customer reach.
- Setting goals
- Publishing engaging content
- Creating compelling offers and calls to action
- Optimizing landing pages
- Developing databases
- Transforming leads into customers
- Making the purchase process clear and simple
- Monitoring social channels
- Measuring results