Get ahead of your competition
This week we're focusing on how you can get ahead of your competition. With a lean few months ahead for consumer and business spending, it's never been more important to have a clear, bird's-eye view of your industry.
Competitor Analysis and Research is a key process in the digital business strategy work we do for our clients at Inspire. Let's get into it...
What is Competitor Research and why should I be doing it?
Whether you're a painter and decorator or an e-commerce retailer, we all have competition in business. Most people see this as a negative thing, but I like to take a different approach: it's something we can use to our advantage.
Competitor research is the process of discovering and documenting opportunities where you can outperform your competition.
By keeping tabs on, understanding and learning from the competition we can achieve incredible results for ourselves. Competitor Research enables you to...
🔎 Understand how people find your competitors
💡 Identify new ways to increase your business' visibility
👍 Tailor your product, or service, messaging to be ultra-effective
⚡️ Uncover gaps in the market and new sources of revenue
For digital strategy: this means identifying how to appear in front of more potential customers. One of the most effective ways to do so is understanding what your potential customer is searching for online.
Overview page from one of our Competitor Reports
Ultimately, competitor research will help you make quicker, better and more cost-effective decisions for your business.
Top tips for effective competitor research
We’ve established that competitor research is an essential part of any good marketing strategy. In order to grow as a business and keep up to date with your fiercest rivals, it’s essential that you’re scoping out the competition regularly and picking up on what they do best, whilst also learning from their mistakes.
Some helpful tips for improving your competitor research are:
- Take some time to think about who your competitors are, and more importantly, who are the competitors you want to emulate
- Once you have a small list of five or so competitors, start doing some digging into their online presence. Look at their website, their social media channels, maybe even sign up to their newsletter to see what they’re offering and how they conduct themselves.
- Take notes of the things they’re doing that you like; this could be as simple as the images and videos they’re posting online, or the style of writing they have on their website. Anything that makes you stop and think, “I like what they’ve done there” is noteworthy.
- Also, take note of the things they’re doing that you don’t like and make sure you are not accidentally doing the same things.
- Finally, take action so that you are better aligned with the good ideas, and further removed from the bad ideas. That way you’ll grow closer to the ideal version of your business.
Remember, competitors, are not negative. They are a great source of inspiration and can actually help your business progress if viewed in the right way. We never encourage businesses to copy their competitors, but taking measures to find out what they’re doing well and then applying these tactics to your own business will undoubtedly lead to more success.
This week we've put together a keyword opportunity report for Accountancy firms in the Fife area. It illustrates how often people are searching for a term each month (Volume) and how difficult it'll be for you to compete using this Keyword (Keyword Difficulty - KD %)... the lower the % the easier it is to compete.
We've identified some higher value keywords with low competition for you to use. Drop me a message if you'd like to find out how to use these keywords to get more enquiries.
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How to make an impact on Linkedin.
Some of my most meaningful and profitable relationships have started on this platform. I can share some tips and directions on how to maximise your presence.
How to grow and support your team
At Inspire we have a team of 25, coming from a wide variety of backgrounds. Growing this team from scratch is hard enough, but supporting them is a huge responsibility. I can share some tips for how I ensure Inspire is a great place to work.
Connect with me on Linkedin
If you have any questions, fancy a chat or are looking for an introduction to someone, message me on Linkedin.
If you want any specific advice about anything digital, I'm here to help. Give me a call on 01738 700 006 or drop me a line and I’ll get right back to you.
Director - Inspire Digital