Getting ahead and driving good results is part of running a business, but so is looking at what your competitors are doing. No one wants to merely keep their heads above water so to be on the front end of a market you should look around to see what your competitors are up to. Are they innovating? Are they launching new products? Are they keeping a competitive edge? Whatever is happening with your competitors, you should know of it. Or, at the very least, try to.
How can you do that? There are a few ways you can easily do this:
- Check out their website, Twitter feeds, newsletter and their blogs. (and any other relevant social media platforms)
- Check how their product is being distributed as you can spot some opportunities.
- Speak to your customers and see what their impression of the market and your competitors is.
- If applicable, try a mystery shopping situation.
- Keep an eye on any promotions or discounts they might be offering.
- Draw a competitor analysis to have a clear picture of who they are and what they do.
- Keep innovating by listening to your employee’s suggestions. (our favourite!)
- If your competitors are stock market listed, you’ll be able to find more info at the investor section of their website.
These are but only some suggestions that you can start following today, to stay ahead of the game. Do you have any other suggestions we could add to the list?