Tight Budget: 8 Diamond Tips to Out-Smart Your Competitors.
Did you just ask what can be diamond in this tip?
My response: if I’m wrong shoot me a comment?
How do you strip your competitors naked making them gasp in bated breathes?
How do you give your competitors a hot pursuit, causing them to stumbles and fall?
How do you compete with the big and mighty seeking for that slim advantage with a tight budget?
You do this through Competitive Analysis:
And this article aims at addressing that.
Competitive analysis boils down to strategy, knowing the steps your competitors are going to carry out before they actually accomplish it and embarking on golden steps called strategy to counter their plans. The aim of which is to usurp the market share profitability of your specific competitors.
How do Accomplish Them.
1. Define Your Goal.In order to carry out a successful coup on your competitor, you need to have a clear cut goal.
You need to ask questions such as:
What exactly is it you want to know about your competitor? Is it the amount of traffic driven to the site, the number of customers that makes purchases from your competitor’s website or store?
2. Break down your goal into Objectives:
Under objectives, strategies are designed to accomplish your goal. Having broken down your goals into objectives-you are almost good to go i.e. to
3. Implement your Objectives;
Every goal set out by a person can only be called good if put to test. So putting into practice your objectives help determines how successful you would be in achieving your goal and beating your competition.
4. Adjust your ObjectivesWhat do you do when a particular strategy doesn’t appear to work?
You simply tweak your strategy. This is what Neil always proposes: A little adjustment that may lead to success in your objectives.
So getting down to business
Samurai Ways to Inflict Damage to Your Competitors
1. Covert OP 101: Recruit your Competitors StaffSeek out disgruntled customers of your competitors, or go the expensive way by buying over their excellent staffs.
By so doing, you are providing yourself with a huge arsenal of weapons you can use to annihilate your competition.
A recruited staff from your competitor knows the inner-working of the business. Hence, would be able to provide you with information which Google would not be able to provide to you.
The information that he/she could lay at your finger tips include:
The future plans of the company
Software used by your competitor that helps reduce drudgery
The strength of the company
Where the weakness of the company lies
2. Utilize Social Media
If you do a little research you would discover that your competitors are already utilizing social media to communicate with fans and followers about their latest products and to inform them on great deals which would make them happy.
Hence, joining the social media space and following the Twitter, Face book or Linkedin account of your competitors is a great way of keeping up with the latest trends they would likely bring up and programs they may likely attend.
3. Google Search:
This is one of the most popular means of tracking your competitors. Googling your competitor can yield great details about them; some of which include:
• Their next product lunch
• Recent hires
• Retrenchment notice
• Customer complaints
The above information will enable you determine what strategies you need to adopt to defeat competition.
4. Use Alexa and other Tools to Monitor Traffic and Back links of Your Competition
Tools like Alexa are useful when determining the amount of people visiting an organization websites. It also helps in giving you an idea on how to go about building back links.
Linking to sites that your competitors have linked to will help drive traffic to your site hence, increasing the percentage likelihood of sales occurring.
5. Use the Page Source Code to Determine the Keyword of Competitors
Page source code enables you view the keyword of a competitor sites. In order to do this, you are advised to go to the website of your competitor-right click and click on Page Source. This action prompts the display of several codes.
To pick out the keyword embedded in the code, view the top part of the page.
The known keywords enable you to develop a competitive strategy which you can use to breakdown competition.
Keywords are very important to search engines as they play a huge role in increasing the visibility of a website.
6. Visit Review Sites.
Review sites help you to keep up with customer commendation or complaints. So review sites are important as they provide you with necessary feedback about your customers- it also provides you with information on the strength and weakness of your competitors so that you can counter them with a superior strategy.
7. Carry out Surveys:
Surveys are excellent tools that provide you with information about your competitors.
Surveys questions you could ask your new customers include the following:
What was the previous product you used?
Are you dissatisfied with the previous products?
Why were you dissatisfied with the previous product?
What do you like about the previous products?
If you get a handful of these feed backs, you would be able to produce a better offering than your competitor.
8. Subscribe to Publications
Publication that fall within your niche can help provide you with insights on the latest trends, giving you the opportunity to stay in tune with the latest happenings in your field, so that you could develop better skills that would push you ahead of competition.
For example, with the advent of Face book graph search, companies who want to stay ahead of the pack must ensure they know how to apply graph search to transform their business.
So what other creative ways do you think you can outsmart your competitors?
Share your thoughts in the comment box below