If you’re looking to start or expand your business, chances are you’ll want to avoid the mistakes of your competitors. You can learn from their successes and take advantage of any opportunities they may have missed, all while avoiding potential pitfalls as you build your business up. These four tips explain how your business can benefit from competitive intelligence so that you don’t have to reinvent the wheel on your own.
1) Gathering competitive intelligence early
Keeping tabs on your competitors isn’t just about staying abreast of industry news; it can also help you make better decisions. For example, if you know what’s happening with a competitor’s product launch, or even their marketing or sales efforts, you could alter your own plans to avoid any direct conflicts. You might even find that there are ways to work together, which will save you both time and money. In short: You never know when competitive intelligence will come in handy—so gather it early and often.
2) Analyzing your competitors
It’s one thing to study your competitors, but it’s another thing entirely to take that knowledge and turn it into an advantage. How you study your competitors will depend on what kind of business you’re in, but no matter what, good competitive intelligence includes two steps: first understanding how they operate, then figuring out how you can use that information against them.
3) Improving your social media content marketing strategy
One of your competitors has just started a new campaign—and it’s getting results. You’re not sure what their secret is, but you have an idea it might be social media content marketing. It’s time to take notes and learn from their strategy! This guide will walk you through four ways that your business can benefit from competitive intelligence. Read on to learn more about how to improve your own social media content marketing strategy.
4) Improving on your business model
You may already have a solid business model in place, but if you’re not keeping up with changes in your industry, you could be missing out on profits. Finding ways to make improvements and alter your business model can lead to a stronger bottom line. Study your competitors and find ways you can improve on your business model through some simple changes. These tweaks can have a big impact on whether or not your business will be successful.
