Ways to Track your Competitors in Business

competitionBig businesses place a high amount of their time and resources on collecting information about their competitors in terms of their target audience, services, products, and other aspects, so as to have a competitive edge. Unlike big brands, small businesses normally lack the resources required to track their competition effectively. However, if you are a small business with limited resources, there are relatively inexpensive ways you can use to track your competition. With up to date competitive information, businesses can perform an analysis of what is happening in the market.

Start with social media

Your competition is spending most of their time on social media, the likes of Facebook, Twitter among others. They are making all efforts to attract followers and convert them into loyal customers, as well a building awareness of their brand. You will do yourself a lot of goodness to track what your competitors are doing on social media. Tools such as TweetDeck and Hootsuite can be very important in tracking what your competition is doing on social media.

Tracking Workforce

Besides tracking what your competitors are doing on social media, you also need to track their workforce. To gain an insight into your competitors’ workforce, you can make use of LinkedIn. LinkedIn can help you get information on the number of employees a business has, the tenure of those employees, their professional backgrounds, as other information. Such kind of information can be very useful to help you determine your recruitment and retention efforts.

Media Presence

Media PresenceYou need to monitor the media presence of your competitors. There are numerous online resources that can help businesses monitor how often competitors have been named on social media. Talkwalker Alerts works same to Google Alerts and is structured in such a way that it keeps track of competitors as well as all mentions that happen on social media. Using social mentions. You can track content that is posted on sites such as blogs, including new stories and video. Other tools such as Meltwater news provide ways to track and deal with reputation management.

Trying their Products

Another sure way to keep up with what your competitors are doing and offering is to try their products yourself. Take their products, use them and tell how good they are. What you learn for you testing the products can help you influence your strategies towards twerking your products to include new features or an upgrade.

Talk to Customers

You can try talking to who have a have a better stance over what you are offering and what your competitors are offering. Talking to your customers can be an effective and inexpensive way to collect competitive intelligence. Ask they the reasons they have selected your business over the others. If your competitors are receiving press, seek to find out why they are receiving such press.

You can as well seek to partner with software companies that can help you create a customized dashboard that can help you have an easy tracking of all insights under one platform. Ensure that you have data analysts who can work on the dashboards and extract vital reports for your business.

 

 

Ways to Make Customers Fall in Love with Your Business

customerIf you want to have a successful online business, it is not just enough to simply close a sale, but you need to help your customers fall in love with your business.  It costs more to get new customers than it does to keep the customers you have. For this reason, you must nurture and take care of your customers. When you make your customers happy, you can easily turn them into repeat customers.  When you have unhappy customers, you risk the wrath of them sharing their negative experience with others.

To ensure that your customers fall in love with your business, here are a couple of things you can do.

Learn about your Customers

You will not be able to make your customers happy if you don’t know what they want first. You need to find out what your customers really want by conducting a market analysis. During the market analysis process, you aim to learn about your customer needs, their interests, wants and demographics. Once you have developed an idea of what your customers want, you can give them the same.

Have Patience

Customers do not like being pushed to make a rushed purchasing decision. When you push them, they are mostly likely going to have issues with your products and services. When a customer has an issue with your product or service, be patient and kind to deal with them. Take time to listen to customer needs and wants. When a customer is done explaining their issue, take time to respond and address these issues clearly.

Get Personal

personalOne way of connecting with customers is by getting personal. You need to talk to your customers as if they are your friends. Even if there are some lacking one to one connection with customers, you can as well add some personal touches to the business. To engage with customers, try to add some personal touches with them. To get personal with your customers, you don’t have to be a robot. When a customer has an issue, avoid giving generic responses via an automated Chabot.

Special Offers

People will always love to be associated with sales and deals. When offering products and services, try to have seasonal offers and free trials as much as you can, to make customers appreciated and feel coming back. When people fall in love with your deals, they will most likely love to do business with you. Even if the sales might be coming to you right now, you might lose revenue, but with repeat customers, you are assured to have an increased revenue over time.

Keep Customers in the Know

Keeping a constant communication with customers is key to making them happy. Communicate and be transparent with them on your products and services. When your business has news, events  or other updates, keep customers in the know. Tell them about exciting things that are going to happen, and create the required excitement. If there are any product shortages, let customers equally know.

 

 

How to Keep Ahead of the Competition in Business

chessWhen consumer spending is slowing down, you need to defend your market position and maintain a competitive advantage. If you want to totally dictate the market and be a winner, one of the most important things to do is to define your unique business scheme. You need to give your customers good reasons to do business with you rather than doing with your competitors. You need to have a clearly defined and unique selling point such that customers do not even ask for it. Though your products and services should be a clear winner as far as those of your competitors are concerned, you equally need to have a clearly defined process and strategy.

To stay ahead when it comes to competition, there are other ways to go about it.

Know your competition

You need to take the time to study and monitor your competitors. Understand what differentiates them, on the issues that make customers choose them over you. When you know your competitors, it helps in understanding what your competitive advantage is, and thus you can better target the marketplace, and design your strategy appropriately. To stand out ahead of the competition, you need to become a disruptor, enter the market and offer very differentiated products. Customer feedback is always very important.

Testing

testIt is always advisable you test and experiment on different aspects of your business, as this helps in beating your competitors. Get to the marketplace and experiment with various issues on your products and business. Take action, do not shy to test the waters and monitor results. Make calculations before making a huge decision. The idea is that you should not let guesswork stop you from being creative.

Assess Your Daily Routine

You need to keep analyzing your daily routine as this will help you with making better predictions about future trends. Be aware of tiny challenges that may bring a huge effect on what happens in the future. Have a clear idea of what you want your business to be and perform in the future. If you are planning for growth and expansion, you will be better than those who are comfortable treading water. You need to have weekly meetings where you can discuss changes happening in your industry as well as the latest developments.

Avoid being predictable

It is very important you keep changing and avoid being predictable. If you keep on repeating the same old techniques every day, you become predictable and you will not be able to beat the competition. Forget about the current and place a lot of efforts on what should or could happen in the future.

The behavior of Your Competitors

You need to look for any repetitive behavior in your competitors. Study the moves of your competitors and get to do everything they do, though in a better way. Understand how your competitors are likely to react to the moves you make that may affect them. Ask yourself how the competitors will react, what alternatives they will see, and which options are they more likely to choose.

Ways to Convince Customers to Buy

saleIf you can talk about your products in a language customers can understand, you stand to sell more. Customers never buy products features, they buy because the perceived benefits of the product seem to suit their needs. We have compiled useful tips and tricks that can help you sell more of your products to customers. Let us have a read;

Communication

It is hard to convince customers to buy your products or services if they are not paying attention to what you have to offer. First, you need to stand for something you believe and trust, before you can sell it. If you want to have loyal customers, you must give them an opportunity to care for you. You need to use social proof to encourage customers and motivate them, as such proof does wonders in getting them interested.

Wording

When it comes to actual selling, customers want to enjoy the selling process, use the words they love to hear in your selling process. Certain persuasive words such as new, free and instantly are very important in encouraging customers to buy from you. Most of the customers you will come across are conservative spenders and you must use the right words to get them interested.

Reciprocity

ReciprocityReciprocity is the social norm that gets the world go around. Using the right form of reciprocity, you will get your customers getting back. When you want to execute reciprocity, you must be careful. You need to realize that budget is negligible, though giving back to customers may appear incredibly costly. You need to utilize surprise reciprocity and make it personal.

Support

You will not be able to create a pool of loyal and interested customers if your support services are shitty. You need to offer exceptional customer service experience to keep your customers coming back. When it comes to customer needs, speed is secondary to quality. You need to understand that customers enjoy doing business with people they can relate with.

Loyalty Programs

The key to creating loyalty programs lies in knowing which customers need them, and why do they use them. First, you need to get people started. Next, get the ideal customer and make them feel special. You need to create labels for your customers. People will be more willing to participate in a labeled program that they can associate with.

As a general rule, to sell more, you need to provide something more than what the customer expects. Ensure that you have clear shipping information and that the products customers ask or shop for do receive them within the shortest time possible. Inform them about all the terms and conditions as well as privacy policy. On your site, you should try to create a frequently asked question section that lets customers have basic answers to common questions. Work on your brand to make it trustworthy and loved. If customers need to reach you, you must ensure that all channels of communication are clear. In case there are any negative reviews coming to your site or products, ensure that you deal with them appropriately.