HOW TO FIGURE OUT YOUR COMPETITION’S NEXT LINE OF ACTION
If you are ever going to measure up to your competition then you need to figure out what’s going on in their head. It is absolutely not an easy thing to do but being meticulous and observant will go a long way to help you figure this out. Snooping beyond google search will get you great results too.
Be a customer
This might sound like sitting in a lobby like 007 Star, James Bond with your face dug into a newspaper while snooping on your target. You should rather be a legitimate spy; be an actual customer. That’s a great way to keep you informed about whatever new products or services your competition comes up with and find out just how your competitor’s customers are treated.
Get your competition on your workforce
Recruit employees from competing firms or establishments. Find out all that you can about how these companies operate, and more importantly, what’s on the horizon for them? Where are they taking their business? What markets are they venturing into? How are they leveraging innovation to cut costs and advance productivity?
Keep your radar on their ads
Sales is the life of every business. Keeping track of your competition’s ads is an ideal way for you to compare prices and check out their sales and promotions. The more you keep track of your competitor’s promotional activities, the easier it becomes for you to spot weaknesses in their marketing and create your own sales channel.
Dig into their social media
Endeavour to check your competition’s social media and their number of followers, likes to competition’s plans, marketing strategy and even the company’s personnel than you could ever find out in a single visit to their facilities. Even if your competition isn’t social media savvy, it’s a good bet that they produce newsletters either e-mail or print varieties —that you can sign up for to get the latest and greatest news and updates on things like new products or services they are introducing and what events they might be attending. If they own a website, visit their websites and read their blogs regularly.