It is not possible to run a business without knowing each and everything about your competitors. Keeping yourself updated about competitors not only provides you information about what your competitors are up to, but it also gives you priceless awareness of your own company. To keep updated you should use your resources to find out more information about competitors.
The main thing is what type of information you should know about your competitors. Here are some important points that you must know such as,
Income and threat level:
The simple way to get the idea about the estimate of competitors’ income is to multiply the number of employees by $150,000. In this way, you will get a rough estimate. Having an idea of income will help you to know about how much and what size of clients does your competitor has. When you already know about clients it will be easy for you to know the threat level to your company.
If your competitor’s company is larger than yours, then you have to focus on those small things which they may be ignoring. And if your competitor’s company is smaller than your company then it’s understood that they can’t tackle the bigger clients you are targeting.
Who is the top salesperson?
By interviewing one of your competitor’s salespeople, you will get information. It is also important to know who is motivating business for your competition. This will help you to recognize attractive new hires, or it can also help you identify opportunities for teaching your sales staff how to improve their sales strategies.
Best customers:
Looking at testimonials on a competitor’s website will let you know about the best customers. You must know the selling of your competitors to get an idea of the scope of their business.
New products and offerings:
To stay on the top and to update yourself, you must go to trade shows in your industry. Only attending the shows can provide you access to all types of inside information.
Level of customer satisfaction and engagement:
Social media is an amazing resource that allows you to track your competition’s social media presence. Through social media, you can come to know the latest services and problems of your competitor company. Some customers complain or claim for something on social media it can also be a great opportunity for you to win your competitor’s clients. You also need to pick up social media tactics and techniques.
Company and industry news:
Set up a Google alert to update you about your competitor’s appearance in the news each time. Whether there’s a company protest or they launch an incredible product you must know everything. Keeping yourself updated about competitors will let you do better than competitors.
