Believe it or not, competition is good for your small business. You need to know your differences and your niche, and you won’t know this if you haven’t checked out your competition. 

Knowing your competition helps you to maintain a good level of competitiveness which produces progress and growth in your business. 

If you find too many similarities with your competition, do it better. Increase relationships in beneficial partnerships and give your customers outstanding service that makes them loyal to you. 

Here are a few reasons why small businesses should check out their competition:

  1. Competition helps you to see why you’re different.
  2. It helps you to change your influence strategies and narrow down your niche audience.
  3. Seeing how your competition communicates will help you to create better small business marketing communication and strategies.
  4. Healthy competition prevents you from becoming complacent and helps you to stay abreast of changes and developments in your field. 
  5. You can learn from mistakes your competition has made.
  6. You can also learn what they have done right and improve on this.  
  7. Knowing your competition will help you to think like a customer. What you like and dislike about their businesses can help you improve your products and services. 
  8. It helps you to set competitive pricing.
  9. You can use knowledge of your competitors’ weaknesses to create marketing campaigns revealing your strengths in opposition to their weaknesses. 
  10. It gives you a realistic outlook regarding your own success, strengths, and weaknesses. 

Market your small business on the same social media networks, look at their websites, compare SEO ranking, check out their reviews and follow them on social media.

Need help in creating the best competitive marketing strategy for your small business? Contact Hunter & Scribe at [email protected]