How Understanding Your Competitors Can Accelerate Your Business
27/02/2017 | Share:
No one is perfect, especially your competition. So in this blog we take a look at the ways you can capitalise on how your competitors behave online.
1. Make a list of your direct competitors and do a little digging. If you haven’t done so already, check their e-commerce site, sign up to their email newsletters and monitor their social media channels. By knowing how they engage with their audience online, you’ll be able to establish how they are really doing in respect of sales fulfilment, pricing and complaints.
2. What do the reviews say? As we know everyone is a critic, so find out what their customers are really saying about them. You might even spot an opportunity for you to comment and attract new customers. For example, if anyone enquires about finding a similar e-commerce business because they never want to deal with your competitor again.
3. Do your competitors push any specific online promotions? Monitoring their incentives could give you the opportunity to develop something similar but much better for your customers. Plus your supplier might help you develop a special promotion which doesn’t result in you sacrificing margin. However also bear in mind there’s the possibility your competitor is rehashing the same offer because they’ve been stuck with a particular product.
4. Check out what the organisations you admire do online. Most of us know of an organisation who always puts their customer first and keeps going from strength to strength. So again, regularly check their website, sign up to their email newsletters and monitor their social media channels. There’s no reason you can’t use their business as a guide on the best way to engage with your customers in order to set you apart from your competition.
By adopting a customer first approach and keeping a close eye on your competitors, you can learn from how they behave online in order to accelerate your e-commerce business.
