If you want your business to stand out and succeed in the competitive world, you have to give your customers something they can’t find easily elsewhere. Regardless of whether it’s better prices or a superior procedure, the vital condition in maintaining your competitive advantage is realising what your rivals are doing. Therefore you have to perform a basic competitive audit on the local business.
Based on research and observation, a competitive audit gives you a chance to access your competitors’ strengths and weaknesses. By getting a better understanding of what competitor companies are doing, you’ll be able to create a more effective plan to promote your product or service.
A competitive audit can uncover both opportunities and threats to your business, and by acting on this information, you can turn what you know about the competition into a competitive advantage.
Examine Your Competitors’ Marketing Plans
Examining your competitors’ ads and other promotional platforms can tell you a lot about their sales approach and target markets.
Your competitors’ marketing plans can disclose how they allocate their advertising budgets, who are their target audience and which platforms they use. Following are few things to check out on your competitors:
The same questions you should be asking about your own website apply while evaluating your competitor’s. What’s your initial impression of the site? Is it laid out attractively, and is it user-friendly? Does it load well from a mobile device? Note any customer reviews, testimonials, or interactive features. Remember to check how present and prominent their company blog is.
- Social Media Channels
Which social media platforms are your rivals effectively connected with on? It’s essential to discover how widely and by whom they’re followed in terms of posts and comments.
- Print and Online Ads
Do your rivals make utilisation of brochures, newspaper and magazine ads, or online directories? Take note of what highlights they emphasize, and how they urge their customers to respond.
- Promotional Events
Do your rivals offer free online courses or downloads, partake in community or charity happenings, or host regular sales events?
- Advertising Partners
It can be useful to know who your rivals are associated to in terms of affiliate sites or local businesses. You may even want to run a separate competitive analysis on these advertising partners.
- SEO Practices
Finally, try looking at your rivals’ SEO practices. What are they ranking for? Do they rank well for the search keywords your customers might use?