101: Tracking competitors
Whether they guide your marketing efforts, service offerings or price decisions, your business competitors' activities should always be of interest to you. After all, they are monitoring you and your actions in the marketplace – and you are all likely trying to anticipate each other's next move.
Speak to them. You could visit a competitor's location or online store to get an idea of the client experience. Ask if they offer volume discounts, or ask for a price list. How is your competitor's support team on the phone? “Phone and face-to-face contacts will also give you an idea of the style of the company, the quality of their literature and the initial impressions they make,” notes InfoEntrepreneur.com.
Use technology. Many cyber tools out there show you what keywords your competitors are targeting and which social media messaging is shared most often. But don't forget the basics, says Jim Joseph at Entrepreneur.com. “Sign up for Google Alerts,” he advises, not just on your competitors' companies, but on your own as well, so you can monitor what is being said about you. And follow competitors on social media, tracking both the company and its leaders. “For example, as a restaurant owner, you may want to follow the names of restaurants you compete with as well as the chefs and restaurateurs to get a full picture of their activity,” he writes.
Talk to your customers. Business competitive intelligence expert Arthur Weiss says asking your customers about their experiences is one of the best ways to gather information. “Whenever you win a new customer, find out who they used before, and why they switched … Do the same when you lose a customer – identify what they preferred about your competitor,” he tells Inc.com.
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