Coming up with ways to grow your business is really hard. There are so many options out there, so many tools and platforms, it’s hard to know where to start. What’s going to be most effective for you? Will it bring results? How much time and money will it take to implement?
Sometimes, the best move you can make is to look at what your competitors are doing. By observing what moves they are making and what seems to work or not work for them, you can spark your own ideas about what YOU could do to grow your business.
Below are 3 ways you can look at what your competitors are doing, in order to get ideas about how to grow your business.
They can teach you about pricing
Pricing is always a touchy subject and a tricky thing to figure out. You want to price your product or service high enough to demonstrate its value, but the higher the price point, the fewer number of people will be able to afford it. Additionally, pricing can fluctuate based on the season, depending on what industry you are in.
This is where your competitors can help you. Learn what their pricing model is. If they offer seasonal discounts or deals, sign up for their marketing emails to stay on top of those promotions. Based on what is working for them, you can adjust your pricing accordingly. Even dropping your price temporarily by 5% can help draw customers from your competitors and boost your own sales. And, if you provide a superior product and service for the same price point or slightly less than your competitor, word will most likely spread, and more traffic will come your way.
They can teach you how to increase your website traffic
You may have a website, but it may not be performing as well as you’d like it to. You may be missing out on opportunities to grow your business via website traffic. SEO and website content are incredibly important when it comes to not only attracting visitors to your site, but also for getting them to stay and convert.
Take a look at the top ranking websites for your industry. What are those businesses doing to rank that high? What keywords are they optimizing for? Do they have special content that they offer their visitors, such as downloadable white papers, case studies, or hot topic blog posts?
Take this information and then look at your own site. Perhaps you have opportunities to enhance your content with more keywords. Or, maybe you have several success stories you haven’t yet highlighted that could make great case studies.
They can teach you where your customers are
I had a potential client come to me a few months back saying they needed to come up with a way to use Snapchat in their marketing strategy. When I asked them why they wanted to target Snapchat, their response was that well, everyone else is doing it.
The problem with social media is that businesses all too often think that they need to be on every social media platform. But, the truth is, not all audiences are on all of the social media platforms. In the case of this potential client, it turns out that Snapchat was the exact opposite of what they should be spending their advertising dollars on, as their target market was definitely not Snapchat users.
So, how do you know where your audience is? Well, one quick way to learn is to see where your toughest competitors are. Instead of spending time trying out the trendiest new platform, use that time instead to see what your competitors are doing. Are they investing time and money connecting with individuals on LinkedIn? Or maybe they are running highly targeted ads on Facebook.
I think of it like this… Imagine you are on a vacation to the mountains and are looking to go fishing. Your best bet is to ask around and hope the locals will tell you the hottest spot for a great trout catch, not bumbling around the wilderness hoping that you’ll just happen upon a stream where fish are biting. The same goes in business. You want to go where you KNOW the audience is biting, not where you HOPE they are.
We often get stuck in our own business bubbles, and inspiration can be hard to find. So, take a moment or two each week to research what others are doing in your space. Sign up for email newsletters, book a demo, or speak to one of their sales staff. I guarantee you’ll not only find inspiration for ways to grow your business, but you’ll already have a pretty good idea that they could be very successful.
Need outside help to grow your business? Contact me for a free introductory consultation!