Scaling your business is difficult, but even more hard is to grow it if you have a big competition. In this article, we will see what are the best ways to create great competitive advantages and to outmaneuver your opponents.
We hope that you carefully conducted your competitive analysis, and we will skip that part. What we will focus the most in this article, is the way how your competition can unconsciously help you to scale your own business and beat it.
4 Powerful ways how your competition can help you
Honestly, there are more than 5 ways how can you use your competition to grow your company. But this 5 ways are most commonly used, and they’re bringing the best results.
If your competitors are already big and established companies, then paying attention to their Content Marketing strategies can be very useful.
So you are probably asking yourself right now: “What are the reasons why should I do that?”
Understanding your competitors content strategies will help you:
– To better understand your target audience
– To get better topic ideas
– To find new ways and channels for your content distribution and communication with your potential customers
Understanding your target audience is crucial in every business. Without paying customers you will not have a profit. Without understanding your customers, you will never have some of them who will actually pay for your product or service.
There are three best ways to understand your target audience better:
– Customer development with your potential customers
– Customer development with your competitors’ customers
– Monitoring Competitors’ Content and the value they are providing.
Always keep an eye on your competitors’ content. Track their website and Social Media pages and see what content topics are performing the best for their customers. There are huge chances that if something is performing very good for them, it will perform for you too.
Think about your competitors’ content and brainstorm your own ideas. For example, you can write a topic on:
“[Your Competitor] vs [Your company] – detailed comparison on what’s the best tool for [your tools’ purpose]”
Or, if they are frequently writing about marketing for SaaS businesses, then you can cover some of their topics and you can add some new topics which they don’t have. In this way, you will provide more value to both your and your competitors’ customers.
Never underestimate the good content distribution strategies. Sometimes is one article with a great distribution valuer than 3 articles with a poor distribution.
Track your competitors’ content distribution workflow and use it in your case.
Use your competitors’ Social Media Strategies to forge your own. Tracking your competitors’ Social Media will help you to:
– Determine what are the best ways to communicate with your customers
– Create better marketing campaigns
– Provide more value to your customers
Very often, good communication and customer support are what differentiates a good company from a bad one. In most cases, people will use the product which has a great customer support and relationship with customers.
Be kind and friendly. Always offer the help to your customers no matter if would you have a profit from that.
Your competitors’ marketing campaigns will help you to create your own. Use their target audience.
If they have an ebook as a lead magnet, you can create your own, just on a different subject, but still relevant to your potential customers.
You and your competitors are building SaaS tools for better User Acquisition.
In your competitors’ customer journey, they are offering an ebook on an “Ultimate guide for User Acquisition” subject.
As a competitive advantage, you can create your own book on the following subject:
“Ultimate guide on User Acquisition and growing your Customers’ Retention”.
SEO is one of the best user and website visitors acquisition channels. The best way about SEO is that you can grow as much as you want. If you are doing your SEO right, then your organic traffic can only grow.
One of the ways to improve your SEO is by monitoring your competition.
Write down several topic ideas, and type in your browser:
site:[your competitor URL] “[Topic Idea]”
For example, if my competitor is a HubSpot, you can write:
site:https://www.hubspot.com/ “Sales Tactics”
This is how it looks like.
In this way, you can easily find out good and bad content and topic ideas for your SEO.
Backlinks are also very important in your SEO strategies. Try to find out a website which backlinked to your competitors and ask them for a guest blog post opportunity on a subject relevant both to you and them.
The website is the core of every business. Whenever your competition makes some website change, it probably means that they have found a better way to improve their website visitor experience and engage with their users.
Monitoring your competitors website changes will help you to be one step ahead of your competition. Here is a very good scenario:
If your competition changes their Call-to-Action button from “Start Now” to “Register your free trial account with no credit card required”, it probably means that they have tested both CTA versions and that the second one will perform better.
As soon as you detect your competitors’ website changes, you should take some actions to improve your own business, in order to create better competitive advantages.
Competitors app is a good tool for monitoring your competition online. The product is fully automatic, and that means that you will be notified in your email inbox as soon as the software detects some change in your competitors’ strategies.
With Competitors App, you can monitor your competitors’:
- Social Media
- SEO and PPC
- Website Changes
You can register your free 30 days trial Competitors App account, today, and create competitive advantages in the next few days.
Monitoring your competition is important if you want to create killer competitive advantages and beat your competition. Keep this in your mind.