8 Things Your Competition Can Teach You
All the pros do it. Athletes watch competitors’ games and take notes, retailers visit competing stores and adopt their best practices. It’s also great way to confirm your suspicions about future trends, and keep tabs on your competitive advantage.
You may not want to admit it, but it’s possible your competitors are doing a better job in certain areas. If you’re keeping an eye on them anyway, why not learn from their successes, and as well as their mistakes.
Watch and Learn:
1. Social Media
Monitor your competition’s social media. Where are customer gathering to have important conversations about your industry? What topics are currently getting engagement? Where are those conversations on your radar? Are you happy with your level of influence in those channels?
How do they rank on web searches? What are their short tail and long tail keywords? Try plugging them in to Google’s key word tool to get additional ideas to better drive your own SEO strategy. I won’t get into SEO here, but if you know what you are doing, or have someone who knows what they’re doing, there are valuable insights to be gained.
Read reviews and look for client’s impressions, praise and criticisms. What do their clients say about them? Are the good things their clients remember part of your customer experience strategy?
Sometimes price is the make or break point for your customers. Staying competitive with your rates, shows you know the market value of your work and you won’t have to undersell yourself by undercutting them.
5. Differentiating Value
Either you’re keeping your competition on their toes or they will keep you on yours. You can bet they are crystal clear on their differentiating value, are you? Is there a way to communicate it clearer to your customers?
6. Problem Solving
In what way is your competition solving your customers problems better than you? Using this as a weekly team challenge will ensure you’re bringing your A game.
Use your rival’s strengths to inspire you to learn and get better. By doing so, you’re adding value to your customer experience and they are sure to Thank You by returning soon.
Stay in touch at social events, pick their brains, and share information. What are some of the same problems you share? Maybe work out a solution or standard together than can benefit everyone (especially if you share some of the same clients)
As you can see, the goal of studying your competition is really a practice of listening to your industry and customers from a different angle. Let us know what you learn!
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