Doing business in the modern world is rarely easy. It is a constant learning process, where you continually have to keep learning more about customers, market conditions, changing trends, and even government policies that could affect your business, such as the way you have positioned your performance appraisal methods. Of course, acquiring this knowledge is what makes a person a successful business leader. But there may also be several ways to supplement your own efforts with tactics and strategies that have worked for successful companies in your niche. No, you don’t have to indulge in corporate espionage. Here are a few legal ways to acquire useful stuff from your competitors and not get into any trouble. Read on to find out more.
Target People Following Them on Social Media
It is more likely than not that you have dozens of competitors similar to your business in virtually any industry or niche. It is easy to feel like just another brand among dozens, especially if you’re offering homogenized products or services. But having a lot of successful competitors can actually hold a few things that you can use to your own advantage.
A good example is their social media following. Much like your own brand, competing brands will have built up a sizable social media following, especially if they are even marginally successful. This audience usually consists of people interested in their product or service, which happens to be the same as yours. That means, your competitor’s social media pages are a great place to harvest an audience that is already interested in what you have to sell. All you have to do is acquire their social media handles and reach out to them with personalized and well-crafted pitches that differentiate your brand and product.
Use Their FAQs To Improve Your Web/App/Product
In many cases, firms in the same line of business often have the same kind of problems. If you and your competitors follow similar business models, the chances are good that they might already have worked around some of the problems you’re still figuring out. Their FAQs and feature request pages can often prove to be invaluable in developing and improving your own offerings, including your website, smartphone application, or product/service. For one thing, it can help you understand exactly what your consumers are looking for. For another, you can learn about what problems your competitors encountered, and how they solved them. This will save you a lot of time and money in development and improvement.
Reach Out To Their Disgruntled Customers
Social media pages can help you target your competitor’s social media following. But there is also another segment of your competitor’s audience that you can leverage i.e. their detractors. Detractors are usually disgruntled customers that had a less-than-satisfactory experience with your competitor. It could have been a problem with the product or service they paid for, or the overall customer service experience. In any case, they are very likely to be open to being approached by a similar company offering a much better experience. Detractors are one of the easiest types of customers to acquire, provided you approach them the right way, and the customer experience you offer can back it up. And since you’re directly picking them out of the reviews and feedback sections, you can pinpoint specific people without having to spend a dime.
Expand Into Markets They Haven’t Tapped
You could have successful competitors, but only a few of them will be in a position to operate in markets other than the primary one you are competing against them in. The world is no longer limited by geographical or national borders. Some of your competitors could have a very successful model in your home market, but almost zero presence in other markets. Moreover, most competitors will have a list of offices in the various markets they service. This will give you a very good idea of what markets are still ripe for the taking. All you have to do is emulate a low-key copycat model similar to your competitor’s. That way, even if they control a larger share in your home market, you can outsell them in different markets, such as in the Middle East and North Africa regions. More info to visit: http://trandingbusiness.com/