Today we’re going to talk about a topic that may surprise you: using your competitors’ business tactics to improve your own business and dominate your niche.
Now, I know what you might be thinking – why on earth would you want to learn from your competition? Shouldn’t you be focusing solely on your own business and strategies? Well, the truth is, your competitors can provide valuable insights and ideas that can help you grow your business in ways you never thought possible.
Refining what you do by seeing what else is out there makes sense. I mean, why completely reinvent the wheel when you can clearly and easily find out what is working (and not working) in your space?
I’m going to tell you the why, but also the how…so keep reading if you want the simplest way to thrive and surpass your competition.
Competitor Basics
First and foremost, analyzing your competitors can help you identify what they are doing well and what areas they may be struggling in. By examining their strengths, you can determine how you can incorporate similar tactics into your own business model. For example, if a competitor is known for their next level emails, ads and launches, opt in for everything they offer. You can then use this knowledge to improve your own marketing, tailoring it for your personality.
Conversely, identifying your competitors’ weaknesses helps you avoid making the same mistakes they’ve made. Maybe a competitor has a poorly designed website that is difficult to navigate or their social media strategy is ineffective. By taking note of these issues, you can ensure that your own website is easy to use and your social media strategy is optimized for maximum engagement.
Pricing
Another way to learn from your competitors is to analyze their pricing strategies. While you don’t want to necessarily copy their pricing model, you can gain valuable insights into how they determine their pricing and what value they offer their customers. For example, if a competitor offers a lower price point on their course or baby offer, it may be because they offer a less comprehensive product or service. Or, perhaps you’ve priced yours too high. By scoping out their products, you can determine if you need to adjust your pricing strategy or if you need to communicate the value of your offering more effectively to potential clients.
In addition, examining your competitors’ marketing and sales strategies helps you improve your own. Look at how they promote their products or services and what channels they use. Where are they crushing social media? Are you on the same platforms? Are they running successful email marketing campaigns? By understanding their marketing tactics, you can identify areas where you may be falling short and adjust your strategy accordingly.
What to do First
- Make a list of five or so people in your space whom you view as competitors.
- Go to each of their websites and opt in/get on their lists.
- Go through their freemiums, read (and save) their best emails, and place them in a Google Drive folder so that you can improve upon what they’re doing and use what’s working for your own list by rewriting things.
- Show up live! If they’re doing a FB Live or webinar, show up live whenever you can. If you can’t, catch the recording, but always watch how they present, offer and sell.
- Follow them on social media. Check out their engagement. Emulate what they’re doing (that’s working) but with your own unique spin.
Still Be You
Lastly, it’s important to remember that just because you’re learning from your competitors doesn’t mean you need to copy them entirely. Instead, use their successes and failures as a starting point to develop your own unique strategies that set you apart from the competition. Incorporate the best practices you observe and adapt them to fit your own business goals and values.
Using your competitors’ business tactics to improve your own business and dominate your niche can be a powerful tool for growth. By analyzing their strengths and weaknesses, pricing strategies, marketing tactics, and overall business model, you can gain valuable insights that can help you improve your own offerings and stand out in your industry.
Remember, people follow you because they like you! So don’t become a carbon copy of anyone! Just take a closer look at your competition and use their successes and failures as a learning opportunity. Remember, the key is to develop your own unique strategies that align with your business goals and values.
Remember, success leaves clues. Find them, improve them, make them uniquely you, and then go crush your competition!
For all the details on how I use my competitors to crush my business, listen to the full podcast here.
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