Posts Tagged ‘Competitors’


Top 10 Ways to Spy on Competitors (Legally)

Young Man Using Binoculars in Rockway Beach“Keep your friends close and your enemies closer.” -Sun-Tzu, Chinese general

Knowing about your competition has always been important in the world of business. With the Internet, this marketing intelligence has never been easier to find out, but it does take discipline and planning. By doing this type of research, you can find where your competitors are strong (so you can copy it) or weak (so you can exploit it).

Here are actions that can be done today:

  1. Follow them. Sign up for their company newsletter or mailing list. Like and follow their company pages and their personal executive profiles on Facebook and Twitter. In fact, create a special group for your competitors on these tools so it will be easier to identify what they are posting.
  2. Mystery shop. The best way to understand what your competitor sells and the customer experience they provide is to actually buy their product or service. An actual buying experience will show how good their communication is with their customers. Analyze what their product looks like when it is delivered. Explore their post-sales support to see if there are things that can be adapted for your company.
  3. Ask a question. Do this through many different communication channels like email, Twitter, Facebook, phone and their web site. Examine their quickness of response and how complete their knowledge is when answering customer inquiries.
  4. Call with a complaint. How do they respond? Do they follow up to completion or do you need to keep explaining the issues over and over again?

‚ÄčHere are online tools that can help:

  1. Explore ad monitoring tools. Find out where your competitors are advertising and which keywords they are targeting. Tools like AdBeat, AdGooRoo and Moat will help find out what ads and keywords competitors are using.
  2. Find their backlinks. Backlinks are still an important element in organic search engine ranking. Use tools like Moz’s Onsite Explorer and Majestic Site Explorer to find the backlinks that your competitors have on their site. There may be an opportunity to link your site to the same backlink or use them for customer referral sources.
  3. Track their website traffic. Your competitor’s sources of traffic can be an important comparison. Use tools like Alexa or Similarweb to get the information you need.
  4. Find out what customers are saying. While, it is critical to find out what customers are talking about on the web, it is equally as important to understand what they are saying about your competitors. Put your competitors name in tools like Google Alerts and Talkwalker and it will send you an email anytime a new comment about them gets posted on the web. Social Mention and Topsy can also be used for one time searches about competitors overall positive or negative sentiment analysis.
  5. Determine their social media presence. See how your competitor is doing on Facebook. Use tools like Fan Page Karma to find out their reach. A similar process can be done on Twitter with Follower Wonk.
  6. Track their technology. Determine what platform and add ins your competitor uses and where they can be vulnerable. Use Builtwith to find this out.
  7. Explore web site content changes. Want to know if when your competitor changes their website? Use Copernic to track updates or particular keywords.

Remember, assume everything is public these days. Whatever spying you are doing on your competitors, they are probably doing the same on you!


How David Can Win Against Goliath Competition

Many communities argue against big companies like Wal-Mart moving into their areas because they believe that these big corporations will eradicate local mom and pop stores. Granted, big, burly businesses can intimidate their smaller counterparts. But David brought a slingshot and a bag of stones to the battle. Then, he found a hole in Goliath’s armor and brought him down with a single stone. The “David’s” in the small business world are small but limber. By recognizing the holes in large competitors’ armor, you can turn your business into an effective slingshot that earns its own piece of the pie.

Smaller Can Be Better

????????????????????????????By necessity, most large companies require vast amounts of red tape to do anything out of the norm (and often, things within the norm too). They may have more employees, but each one performs a specific task, following the company rules every step of the way. In other words, procedures, overhead and red tape all mark major holes in the big business armor.

Your small business is nimble. It can turn on a dime to respond to unique customer needs. You can shuffle your priority list to place a last-minute rush consulting project at the top of your list. You can even personally drive an emergency widget order after receiving a call to your cell phone from a frantic customer on Sunday. You are in complete control of the level of service that you provide. Your hands are not bound by red tape and that allows you to provide superior service.

Offer Value Over Low Prices

Small businesses can recognize and embrace the difference between low price and value in your customers’ eyes. Behemoth competitors like the big box stores and large banks may offer better prices, but low cost is not the best way to compete, especially for attracting loyal customers who aren’t swayed to switch companies based on the latest and greatest discount.

Customers will pay more for superior service and products. For example, you can provide additional value by offering products made in the US, beautifully packaged products, services with enhanced customer service support and more.  You, as a small business owner, are uniquely able to compete on value.

Own Your Special Niche

Why would anyone want to open a coffee shop that competes with Starbucks, a company that clearly does no wrong anywhere in the world? Not so fast: in 2000, Starbucks closed 61 of the 84 stores they opened in Australia because they failed to compete with the small independent shops! They could not adjust to local market demand.

Starbucks may offer everything related to coffee, but their in-store drinks and atmosphere currently do not match the experience of the smaller shops. Like the Italian model (a country that boasts no Starbuck stores, by the way), the Australian independents offer quality over quantity — a niche that local customers want.

As a small business owner, you have the luxury of getting to know what your customers really want. Whether you provide green products or services, custom-fit the clothes sold in your store or even drive customers home on a rainy day, you can craft a differentiated selling point. Make sure that potential customers know the qualities that make your business unique and that existing customers love those points of differentiation so that they can spread the word.

Form Alliances with Other Small Businesses

Goliath competitors may have the resources to offer a full range of goods or services that you find hard to match, but you don’t have to go it alone. Networking is a powerful tool that can address the convenient, cost-effective solutions that busy customers need.

Your print shop may offer high-quality, reasonably-priced services, but perhaps it does not sport the excess real estate that allows big bruiser shops to warehouse customer brochures — often for a hefty price. But you can negotiate storage discounts with a local facility so that you can handle your customer’s printing and storage needs at a lower combined price than the competition offers.

Alliances definitely help you give customers the full services that they need. But they can also expand your customer base through referrals from your small business network. One call to your local Chamber of Commerce is a great way to set out on the road to valuable alliances.

There’s Room for Everyone

As a small business owner, you don’t need to fear major competitors. There’s plenty of room in the marketplace to provide business opportunities for businesses of all sizes. By identifying the holes in their armor and taking advantage of your unique strengths, you can carve out your own business success, even if Goliath & Associates is right across the street.


7 Lies Entrepreneurs Tell Themselves

Posted on by Barry Moltz

Stocksy_txpd72b69c8tH5000_Small_100354In order to stay positive, entrepreneurs need to lie to themselves a lot. Unfortunately, this can get them in trouble when they have improbable expectations and surprising outcomes. Here are the 7 biggest lies and the truth about what to do instead:

  1. Sales will be better next month. Many entrepreneurs believe that sales will always increase in the future. They reason that with more revenue, there will be more profit. The truth is that they don't change their sales and marketing efforts to give their company a better chance actually increasing sales. To boost revenue, companies need to be there when customers want to buy. Only a systematic sales and marketing effort will accomplish this.
  2. The next big customer (or product or employee) will change their company forever. The belief is that the next big break will take their company to the next level. The truth is that progress in companies typically build slowly and success doesn't usually have a tipping point. Think about the essentially building blocks that will grow the company step by step.
  3. Big money means taking big risks. They read the urban folklore of the few who took big risks and made billions. The truth is that most people fail. The success in business comes from taking small steps, evaluating the results, and taking the next action.
  4. Competitors are slow. Many entrepreneurs think that their competitors are not innovative and can't react quickly. Tell that to Blockbuster and Borders. The truth is that there will always be a competitor thinking up a better mousetrap. The entrepreneur needs to know what their competitive advantage will be when that day comes.
  5. Keeping the financials in their head. Many entrepreneurs believe that they do not need to review their company financial statements. The truth is that most of the time  their expectations do not match what is actually going on. This is why it's important to read and understand these statements every month.
  6. Getting paid last in their business. They reason that they are investing in their company and this is how they justify living off of savings while running a start up. The truth is that if an entrepreneur does not draw a livable wage from their company, they have a hobby, not a business. Always include the owner's salary in the monthly budget.
  7. Being busy means being productive. Many entrepreneurs believe if they are busy at work then they must be adding to the value of the company. The truth is that with all the distractions and interruptions that can enter an entrepreneur's daily life, they need to be very disciplined that they focus on projects that will make a deep impact on the company. Pick the two things that need to get done today and complete them before starting any other task.

What lies do you tell yourself?  


How to Win a Business Plan Competition

Want to win money at a business plan competition?  There is plenty of cash out there in 2014, but it takes team preparation since the rules for contests differ and can be quirky. However, they can be a viable source of funding your business.

Here is what you need to do to win:

Management experience: Tell why your team is uniquely qualified to run this business. An experienced management team always wins over a great idea since success is about execution. For example, explain which members of your team have built a company before and have industry experience.

Market size: Describe the true addressable market of your company. Be as specific as possible. For example, a target market is not toys, but rather educational toys for 0-18 month olds.

Describe the problem your solution solves: Customers only buy when they are in pain. What pain do you solve and for whom? Do they have the money to buy the product? For example, the solutions that Nextiva sells allow companies to reliably communicate with their customers.

Proven concept or just a prototype: Showcase your paying customers since they are the best example that there is really a need for your product.

Strategic alliances: It is difficult for a small company to do it alone. Which larger brands can you get help from? For example, if your product is distributed by Wal-Mart, this is a big advantage.

Sustainable competitive advantage: If your company is successful and a richer competitor comes into the market, what will be your competitive advantage? For example, this could be a patent, trade secret, or distribution rights.

Use of the prize money: Judges want to know how the money will be used and make a difference in your company.

Get the math right: Financial projections are usually critical in any competition. Making arithmetic errors or having projections that are too optimistic can be fatal.

Make it engaging: Make the written entry or presentation engaging. Bored judges stop reading or paying attention. Anticipate the most likely questions, but be ready to improvise when things go wrong.

Rally your tribe: Many contests have a public voting element. Get everyone that your company is connected with to vote for your business.

Winning isn’t everything. Participating in these contests can bring valuable connections that can exceed the value of the cash prize.

Apply to win The 2014 Rule Breaker Awards sponsored by Nextiva, Microsoft, Skype, and Constant Contact. 

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Mondays with Mike: Phone Tag

Mike Michalowicz, author of "The Pumpkin Plan", shares a clever way to bring in new business by utilizing former competitors' advertisements.




 
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