How to boom in business more than your competitors!

[Mellorando]

To become a successful business, you need to find ways to stay a step ahead of your competition. Doing so is often easier said than done, and there's no simple answer to how to beat your competition.
Competition exists in every market. Smarter companies nullify the effect of competitors in order to increase marketshare.

Below are ways in which you can surpass your competitors:

1. Focus on One Area First:
Many digital marketers are easily intimidated by the sheer amount of data they have at their fingertips. Luckily, you don’t need to digest this data all at once.
If you try to analyze your competition’s social media, SEO, and PPC strategies all at one time, you are going to end up with a data overload. Additionally, the competitive intelligence you do gain will likely not be very detailed.
When it comes to performing a competitive analysis, you need to do a single area well, as opposed to many areas poorly. Start by focusing on one area in the beginning and dive deep into their strategy for it. You will come away with better insight that you can use to fuel your marketing campaigns.


2. Utilize Competitive Analysis Tools:
The explosion of digital technology has provided marketers with an abundance of competitive analysis tools. The good news is that many of these services are either free or affordable to all eCommerce marketers. If you have decided to focus on analyzing your competitor’s content marketing, you can leverage a tool like BuzzSumo to find content that is currently trending across social media. You can also use your marketing automation platform to identify your top posts and find gaps in your content marketing strategy. Marketing automation software usually has a number of features that allow you to track and compare data from your competitors. If you’re looking for free competitive analysis tools, there are a few good ones that you can leverage, as well.
For example, you can monitor brand mentions with Google Alerts, gain insight into a competitor’s site ranking with SimilarWeb, and research your competitor’s keywords with SEMrush.

3. Group by Size and Importance
It’s tempting to focus on the biggest eCommerce companies dominating your niche in the industry. While they have insight that will benefit your eCommerce business, you can’t forget to analyze the smaller businesses, as well. In fact, small online retailers can provide your own eCommerce store with a goldmine of valuable data. It’s not uncommon for them to spot new trends before bigger brands catch sight of the next big thing. These small online retailers could also be targeting a new market that you haven’t considered yet. Before you gather competitive intelligence, make a list of your biggest rivals, and be sure to include those who are similar in size, as well. By comparing your key metrics to those of your peers, you can establish a benchmark for your eCommerce store and see how you stack up against the competition.

4. Don’t Copy Your Competitors
It’s a popular adage that imitation is the sincerest form of flattery. However, copying your competitor’s strategies isn’t the purpose of a competitive analysis.
This intelligence is effective at illustrating what is working for the competition. You can learn from their strategies, but you shouldn’t simply rewrite their content. Instead, you need to take their ideas, expand upon them, and put your own stamp on it. For instance, let’s say that you have noticed one of your competitors is getting tons of shares and likes on a blog post about choosing the right suit for a summer wedding. If the existing post is 750 words long, make yours 1,500 and add more value to it. Don’t just increase the length of the piece. Add quality links to other great online content. Provide more helpful tips. Then polish it up with some visual appeal to encourage people to engage with it. This is commonly known as the Skyscraper Technique. It’s highly effective, but only if you add value—not simply length—to your content!

 

[Deleted member 28127]

Copy from competitors is bad practice, first of all, there are copywritten ideas and second, you will find yourself in a legal problem for stealing the idea of a competitor that hard work to reach it.

 

[Jasz]

There are lots of different ways in which online businesses can boom and succeed. The best way is to take a look at your competition, what's working for them and what isn't. Then build a unique strategy that will make you stand out.

Competition is cut-throat in this market. Everyone wants a piece of the pie and then some. All of your competitors are trying to sell a similar kind of product as you, but guess what? They are not doing it right.

What you should do include:

1. Implement new ideas and technologies. · Provide the products and services that your customers want. · Learn the trends in your industry, make a plan, and act on it. · Define the success of your business, make plans to achieve it, and realize it. 2. Act in partnership. · Take a leave of absence to give back to your community in whatever way you can. 3. Seek opportunities to help others succeed.

 

[Chibson]

Competition always exists in every business and in fact all areas of life and if you do not have the strategies to beat your competitors then you may definitely not fulfill your business potentials. There are several methods or strategies in which you can use to beat your competitors in business and become very successful. Like you have stated, be unique. This is one of the most important points because when you are unique there is always new thing you have to offer to people that no other business person has ever offered. it is always very important for you to look for strategies in which you can use to beat your competitors that no other person has ever used. If you want to package your product you have to do it in such a way that no other person has done.
Marketing: this is definitely one of the most important aspect of any business and your inability to market your products well will definitely lead to the collapse of your business. Marketing is very important because it creates awareness and shows people the benefits of your business. If you don't tell people what your has in store for them, then there is a possibility you won't be patronized.

 

[Kingsley]

Dealing with competitors can be very worrisome mostly if one is new in the business, but the truth is it is not so challenging as we may see it. Going by a very careful analysis of the procedures you highlighted and further analysis one will realise that one of the ways of overcoming competitors is by looking out for the weak point of your competitors and making it your point of strength. When you study your competitors very well you will discover those areas where they are weak and their customers are making negative remarks about them and immediately you start working on it, naturally the customers will start seeing your business venture as a new safe haven where they can bank on.

Another thing that influences peoples decision when it comes to making decisions on what to buy is price. Price plays a major role in people's decision making when one's prices seem to be on the high side automatically there will be lower quantity thatnis be purchased or in some cases your customers will prefer your competitors over you. Hence we need to look for ways to bring down prices. And we must also cultivate a friendly customer environment.