It is not enough to simply hold your company to a high standard of quality. Of course, this is very important. That is not enough, however, to get ahead of the competition. The best way to get ahead of the curve is to know what your rivals are doing.
The saying keep your friends close and your enemies’ closer is far from being inaccurate. The most effective way that you can stay two steps ahead in the game is if you know your competitor’s strategies. Here are a few ways that you can keep an eye on your contenders:
Information is Power
To truly know your competitor, you must first have as much access as possible to the information surrounding their business. It is only then that you can prepare and alter your own strategy accordingly. There are several ways you can do this such as calling the place and asking for details. You can also visit their website or any other online platform that they may have.
The best way for you to get accurate details about the competition is through ASIC company and personal searching. There are a multitude of companies registered with the Australian Securities and Investment Commission. This is, thus, a treasure trove of information. Furthermore, you can be assured that information that you have access to is accurate and up-to-date.
Ask Your Customers
New customers are a great source of information about your rivals whether they know it or not. They are an untapped resource when it comes to finding out about the products and services of your rivals. When you gain a new client, this is a good opportunity to question them about the other company that they left for yours. This way you can find out what they are lacking in terms of merchandise and services. This will help you pinpoint their weaknesses when it comes to conducting business. You may also be able to uncover some information regarding their strengths in the field as well.
Observe Social Media Platforms
The current trend that businesses are using to interact with their customers involves social media. Companies use various projects and campaigns to garner the attention of their clients. This is why it is imperative that you follow the social media activity of your competition. It will tell you what tactics they are employing. It will also let you know how your customers feel about the competition. This will give you a chance to improve your own strategy with your customers. After all, the main goal in today’s business dealings is to stay relevant amongst consumers.
Watch Hiring Patterns
The type of people that are being hired by your rivals can tell you a lot about what is going on within the organization. It can also tell you about the stability of the structure. For instance, if they are looking to fill the vacancy of a key position in the company, it may be a sign of trouble. The type of professionals that a company chooses to hire will also tell you about projects they might have going on. Specialized IT personnel for instance might hint that your rivals are employing a more tech advanced system. Monitoring their hiring patterns may tell you which direction the company may be going in.
Observing how your competitors operate is just as crucial as managing your own business. These are the people who have the ability to pry your customers away. They should be watched closely to ensure that this does not happen.