Find Faults with the Competition and Exploit Them
Donít be mean ñ simply analyze your competitorsí products and authority and be what theyíre not! Or, be what they are, only better. You can stay in the white hat marketer category and still learn from the competition in several ways.
Youíre not doing all you can for your business if you donít use the competition to boost your online presence. There are some ways your competition can help. Gather intelligence first.
When your competition is successful, youíll be able to see what works and use the same techniques for your own success. Itís good to see failures, too because you wonít have to waste your time doing something that clearly doesnít work.
For example, if they work hard on a big launch of a product youíll be able to see by their success (or not) whether the product was the reason for the success or perhaps the launch day or time was off, resulting in a total flop.
Itís valuable information to have and use. Your competition helps you define yourself. When you know your competition and what theyíre all about, youíll know better what you identify with ñ especially to your audience.
This information helps you discern how to compete in the niche youíve chosen. For example, if your competition isnít targeting a certain group in your niche, it becomes a perfect opportunity for you to become a leader for this area of competition.
Convert your competitionís customer base to yours. You wonít be taking them away from the competition (and even if you did, itís not your fault youíre better at what you do), but only giving the audience a wider spectrum from which to learn information and choose products.
Online customers can tell you a lot about whatís working with the competition and what isnít. For example, use the social media sites, forums and other sites to see what theyíre interested or confused about and then offer solutions that nobody else is addressing.
Tout your expertise in the niche. You may have some advantages the competition doesnít. Find out how their expertise compares to yours and then flaunt your own accomplishments and knowledge of the niche.
For example, if youíre a financial planner in the ìoutsideî world, tout your credentials if youíre in a niche which requires finances and planning. The best way to outfox those in your niche and soar to the top of the heap is to know your competition.
By watching what others are doing (or in some case, not doing), you learn much about what to do next in your own business. But, best of all ñ you learn where the gaps are in your niche, or where others are failing your audience ñ and you become the go to person for that topic.