Its important to track the marketing efforts of your competitors in order to have knowledge. Understanding your competitors marketing approach will enable you be one step ahead as well as see potental for unexplored avenues of marketing that could benefit your company.
Here are 6 simple ways to know your competitors and what they up to.
1. Google Alerts
Google alerts is another great business that should be utilised in order to understand the competitions marketing strategy. Anyone can subscribe to Google Alerts where you can be emailed daily about blogs, news, videos and discussion related to your selected search terms. Go to Google Alerts to subscribe.
2. Social media feeds
Follow your competitors on Twitter, like them on Facebook add them to your circles on Google+. This may feel as if you are supporting them by making there social media network bigger, however it is the simplest way to monitor their interaction with clients and what clients have to say to them.
Keep up to date with promotions, specials and sales that your competitors are offering. This is a great way to compare product offerings and to see what they doing right and wrong as well as how your business can adapt its product offerings if necessary.
4. Sales material
Sales material is a great way to understand what your competitors have to offer and how they present their offerings.
5. Visit their store
Seeing how and what your competitors is vital there is no point in doing research on them from a far. In modern society the experiences of the customer are increasingly important and although you may have the best price a customer may rather pay extra for great service from another company. Be sure to see how your competitors offer their product and the service that accompanies they purchasing experience, this is best done by being a ‘potential’ buyer.
6. Monitor the website
IT is always important to know how your competitors present them self a companies website says a lot about the company and gives off an impression of professionalism if it is constantly updated and smartly designed. This can be a subjective element however it is still important to regularly check what they are up to on the web even if it cut 5 minutes out of your morning Facebook session.