What can you learn from the competition? There are two types of business owner. Those that understand the value of keeping an eye on the competition, and those that avoid the competition at all costs. The latter mistakenly believe the competition can’t teach them much. These then continue with business endeavours without ever gaining insights that can be an incredible boost to business.
Many entrepreneurs and business people hate the process of looking at the competition. Especially if the opposing business is doing very well. An attack of the green eyed monster can surface. This can blind business owners with emotion, a trait that should be reserved for assessing consumer psychology and nothing else.
Keeping an eye on the competition can boost your business significantly. It can inspire you to achieve your goals while gaining greater insights into how customers like to interact with a company. As you share the same customer base it can also deliver free analytics and data and give you an unprecedented glimpse into your average customer.
Here are a few things you can learn from the competition:
All About Your Customer
If you’re just starting out, you probably have little data on the actual customer. Your market research will demonstrate who your target market is. It doesn’t show the customer who is actually willing to part with cash.
- Where do they live?
- What do they do in their free time?
- What platform do they use to contact a customer?
- What do they value about a brand?
- How much do they buy?
These are all questions that can be answered by looking at a competitors social media sites or reviews. You can find out more about the customers who could soon be coming to you.
Errors You Can Fix
By using the competitor’s website as a customer yourself, you can discover errors that may anger your own visitors.
- Is the checkout process laborious?
- Do pages take time to load?
- Are there missing pieces of information?
- Do they use the right payment methods?
You may encounter obstacles, you can make sure that your site solves these problems. This automatically offers a better user experience for the customer.
Mistakes You Don’t Have to Make
By reading the negative reviews for your competition, you can bypass a lot of the learning curve your competition endured. You can skip several stages of trail and error by avoiding your competition’s pitfalls. Your competition has probably adapted and changed over time to ensure the negative reviews never happen again. From your position you can make sure they never happen in the first place.
What You Need to Aim For
A good PPC Agency will always have an eye on the competition. It’s crucial for the success of your PPC campaign. Your competition will be bidding on keywords that drive the cost per click up. Your Adwords Agency will want to make sure they keep costs down while catapulting your conversions. If the competition currently takes the lion’s share of the market, they can provide a good benchmark and show you what to aim for. You can then claim your own share and grow through clever digital marketing and an excellent PPC campaign.