We’ve mentioned knowing who your customers are and understanding them, but what about your competition?
There is a fine line between stalking your competition and monitoring them. You are going to be monitoring your competitors, having a passing interest, that is all! Again, the online world is the way to do this. You can look at their websites, find out what new deals and services they’re offering, check their social media feeds, and all of this will give you information on how best to go one better, and maintain your customer base.
A successful business identifies who their main competitors are and they keep an eye on them. That is all. It’s about being subtly different, not the same as anyone else. By having information on the deals and products your competitors are creating, you can ensure that you’re still giving your customers what they want, but in a different way, a way which doesn’t encroach or double up on what is already out there.
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