How to beat a competitor. A few simple tips
To guarantee victory over your competitors, you need to be the best in three things:
- Marketing;
- product
- sales.
First, you need to understand how successful your competitor or competitors are in each of these areas. So, you need to conduct a competitive analysis. Its main goal is to find the key indicators of competitors and compare them with your own. Borfexan managers advise on how to cope with rivals and become the best.
Study
At the first stage, you should analyse your business competitor according to two criteria: ‘what they do well’ and “what they do poorly”. For example, you have noticed that competitors use poorly designed leaflets and banners in their advertising. So, your advertising creatives need to be better. Does your competitor actively promote their company on social media, while you only work with contextual advertising? So, you need to focus your efforts on targeted advertising to make your target audience aware of you on social media.
You also need to analyse the product itself: whether to buy a product or use a service. With the ‘Tested by yourself’ method, you can observe your feelings about interacting with someone else's business, its service, and product quality. This method is used by Borfexan managers.
The second step is to systematise the information. A simple table may be enough for this. In it, you will enter all the data that you have been able to find out about the competitor's marketing, sales and product. However, this information is not enough. Analyse reviews on social media about other companies operating in your industry and find out what customers most often complain about. This way, you will understand how to improve your work to keep customers satisfied. You can also spy on competitors and learn useful techniques that consumers respond to positively.
Planning
The final step is to identify and implement steps to improve your company's performance. Go through the list you made based on the results of the previous steps. Decide which solutions need to be implemented immediately and which can be implemented later. Set deadlines.
You don't need to be two or five times better than your competitor. A small advantage in the little things is enough.
For example:
- advertising banners are 5% more clickable;
- call back on left requests within an hour, not the next day;
- meet delivery deadlines, etc.
The main thing is to remember that any business has to solve people's problems. Your task is to do it better than anyone else on the market or in your location.