7 Things You Can Learn From Your Competition

With your brand, business, or entity, your biggest goal is to become successful, per your own definition, and to continuously grow. A lot of times, we become discouraged or put off by others in our field or industry achieving more and doing better than us. However, what we don't realize is that their success - or failures - can teach us very important things about how we structure, conduct, and run our business and, ultimately, succeed.

Think about it, studying those in similar industries can help you see areas that you need to eliminate, increase, or create. By adopting and implementing some of their strategies, that make sense for you and your company, you can turn your negative areas into positives!

Below is a list of things that I feel you can learn from your competitors! Note: all competitors do not have to be local...look beyond your community for competition...who knows you may find an opening in a new market.

1.) Marketing:

Marketing is the action or business of promoting and selling products or services, including market research and advertising. Marketing is an essential part of success as a business and brand as it allows you to create an awareness of your brand in the public. Many companies do not know where to start with marketing/advertising and promotion. They usually just throw out some tweets and hope that the company catches on sooner rather than later. However, your competitors advertising methods and approaches can definitely teach you a few things about marketing in your industry and ways to market that may be extremely successful or, at the complete opposite end of the spectrum, fail. While you are not privy to strategic plans, you are able to draft strategies around their current, successful efforts.

2.) Revision of Approach:

You have the perfect business start-up concept or you are currently running the business of your dreams...upon research on the competitor, you see that they are doing the same exact thing as you, but their sales and customer loyalty seems to be higher....which ultimately lead to higher profits. But how? It is very possible that their approach of dealing with customers and marketing is completely different from yours which has led to their success. So what do you do? If your demographic is similar or the same as the competition, revise your approach. We don't suggest completely copying and pasting their methods; however, implementing those ideas and strategies that work with your mission, vision and current operations can help to increase sales, profitability, and consumer loyalty with your product(s) and/or service(s).

3.) Weak Areas of Industry:

Before entering a market/industry, those businesses that are currently operating similar or the same businesses can show you areas that you should avoid....or if you are an opportunist, improve upon. In every industry, there are areas that most companies avoid penetrating due to various reasons. It could be a lack of necessary resources or fear since no one else has attempted business in those areas. From this you could choose the same behavior OR you could set the tone and accomplish what most haven't in your particular industry. It is all about your personality and business goals and objectives. Be cautioned, though, that the resources needed to breakthrough in those areas may be vast...so definitely weigh and consider all possibilities before entering into a plan.

4.) Social Media Marketing & Management:

Social media....when most people hear this they think of Facebook, Twitter, and Instagram and time wasted on the internet posting statuses and images about things you are currently doing. While these platforms have increased in B2C and B2B marketing, algorithms and a lack of metrics understanding makes crafting social media strategies that convert rather difficult. It's a science almost as complex as biology and chemistry. As a business and brand, social media is so much more than a centralized location to post updates, images, and statuses about various things happening in your business/brand. Organically reaching your target audience requires several give-and-goes at various types of strategies, copy, posting times, and so much more. Initially, social media was one of the cheapest forms of marketing, and truthfully, it still can be. There are several hundred million users of social media that frequent the sites daily. In EVERY industry, there are businesses that rely solely on social media to bring in new customers/clients and have become very successful utilizing these services and websites. I am an advocate of social media usage in business development and growth. For every market there is a social media site that is more popular. Research your demographics’ social media preference and expand your business by creating a presence on the web. Work to establish content that is high engaging and shareworthy to increase organic reach and beat the algorithm.

5.)Financial Aspects of the Business

This is more geared towards those that are looking to start a business. The worst thing is to go into business with an idea of how things may work out for you, only to find out that your capital and expected revenue was grossly under-calculated. It is best to go into business with realistic expectations. When most people hear self-employed or entrepreneur, they hear 'more money, more money, more..' ; however, it's quite the opposite. Depending on the industry, your break-even period may take months or years to obtain, and it may take even longer to actually begin seeing a profit. Analyzing your competition's financial statements, if a publicly-traded company, allows you to realistically see the funds necessary for running a business. Many companies stay in the red for the first 1-3 years of operating...that scares many off.....less than 50% of small businesses are still around after 4 years. These factors all depend on your industry....but they are definitely things to consider.

6.) Blogging:

Blogging is the act of writing material (thoughts, reviews, opinions, educational material on products/services, etc.) to be published on the web to be viewed by the general public Sidenote: I made up that definition....Merriam should hire me! Depending on your industry, it could be beneficial to start a blog. People like the accessibility of blogs and being able to read reviews and thoughts on products/services/things going on around the world....business-related or not. From your competitors, you can see if blogging is at all beneficial. To blog takes a lot of time and commitment. It is a rarity that you sit down and can write a blog in 10 minutes or less. Look at your competition's website and look for blog links...read the blogs and see if there are any comments. The plus side to a blog is that it can establish you as an expert in your field and can increase your ranking on Google if SEO is completed properly.

7.) Do you REALLY want to be in this industry:

The BIGGEST thing your competition can teach you is whether or not you want to be in the industry at all. It is one thing to love the idea or to conceptualize something and think it's your Aha! Moment, but it is another thing, completely, to actually, successfully stick with an idea for better or for worse. Once you enter into a business, it becomes your spouse. You are married to it...you have to be passionate about it...you have to set aside time to make sure that it grows to be the business you know that it can be. It takes time...and money...and a PASSION for what you are offering. It CAN NOT be about the money aspect of it. The money will come, but not automatically. And the money will go. There will be sacrifices made. Research your competitor...when was their business founded...how long before they reached the level they are at currently....is the industry sustainable or could it be phased out and eliminated altogether? Are you willing to stick it out? Use your competition to create a relevant, realistic

Regardless of what you are providing, be it a service or a product, there are learning opportunities all around you. Learn from the blueprints provided and create something amazing!