3 Top Ways to Use Your Competitors to Your Benefit
Nobody really thinks their competitors are a good thing... Right?
Wrong! Your competitors are probably the best thing that has ever happened to you.
That's because your competitors have gone through the long, winding road called your creating a successful business.
They've done it all, long before you came: they found your ideal customer, they tested out what marketing works on them and doesn't, they've perfected a product and validated your idea.
In short, you'd be cheating yourself out of invaluable information and shortcuts that could save you YEARS of agonizing over why your business is not working (ask me how I know...).
"But wait a minute," I hear you say, "aren't they my competitors?! I mean, they're stealing my customers!"
Well, I beg to differ. They're only getting your customers because they're better than you (hold those rotten tomatoes!)
But what would happen if you became better than them? Your customers will return to you begging for forgiveness (well not really) and happy to buy from you (yes, really).
All you have to do, is what already works!
So how do you harness your competitors to your benefit?
1. Follow your competition on social media.
Don't copy, but get inspired.
Look at the types of posts they're posting, how often they're posting it, what are their stats (likes? Engagement?), what kind of calls-to-action do they use, what type of images they use, etc.
This will help you build a solid marketing plan for your own social media rather than relying on "luck" to get you more followers.
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2. Subscribe to their newsletter
I need to be clear on this. You're not copying, you're just checking them out.
Notice the same things as in point #1, but also to the following:
How they communicate with their customers, their brand tone (are they serious, are they funny, etc), what kind of incentive they give you to subscribe to their newsletter, are they offering exclusive promotions, if so what kind, etc.
3. Find your customers... in their customers
I don't mean stealing here, either. I mean find out who is your ideal customer from their customer data.
This is by far my favorite thing about my competitors.
I can actually see in real life who is buying the product I want to make already.
So I can easily find out who to target in my marketing.
Check out their hashtags and see who is engaging with them. check out Facebook profiles of people who liked their page, who comment on their page, who left reviews on their products and more!
In closing, your competitors are literally the best asset you can have in your business because they take the guesswork out of building your business and give you real, hard, cold data to rely in.
They can provide you with serious shortcuts!
I wanted to give you one last reminder though, that I am in no way endorsing copyright infringement or stealing in any way.
Your competitors have worked as hard as you have to build their business and you should never, EVER use them in an unethical way or infringe on their rights.
Remember, what goes around, comes around 😉
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