10 Things You Can Learn From Your Competition
What do you know about your competition? As a business, one of your main goals is to beat the competition and give yourself an competitive edge in the market. Do this and you will ultimately make your business more successful. The big question is how do you do this? Well let’s start by looking at the things you can learn from your competition.
In Sun Tzu’s The Art Of War, it states “If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.” While this advice was geared toward military strategy, it translates nicely to the world of business too.
It’s important to get to know your competition. Study them to find out what they do well and what they do poorly. This applies to recruiting, marketing, retention, ethics, SEO, social media, products, services, branding, culture and so much more. Watch and learn their ways and it will give you a competitive edge.
For the most part, all of this information is free for the taking. Use your detective skills on Google, visit their offices or stores, play with their products, and utilize their services. You’ll be amazed at what you can learn. Use this information to your advantage.
If you’re not sure where to start, here are a few specific things you can learn from your competition:
- Assess their employer brand
- Analyze their career website
- Review their application process
- Google employees, managers, and products
- Set up Google Alerts to learn about your competitors in the news
- Follow them on social media
- Play with their products
- Test out their services
- Read their content
- Search for them on websites like Glassdoor.com or Salary.com
After all of your research, write a competitor analysis and use it as part of your business strategy. Use this comprehensive analysis to learn how you can set yourself apart from the competition. Be willing to adapt and you’ll start to do things better.
Remember that if you’re analyzing your competition, you can be sure that they are analyzing you too. It’s your job to know your business, but to get ahead, you also need to know your competition. Learn what you can from your competition and adjust your business strategies accordingly.