Time to spy on your competitors?
Your competitors could be plotting a game changer in your industry, so it's important to keep up-to-date with their business activities and plans.
Just a little bit of inside information could be extremely valuable, especially if your competitors are:
It's also helpful to find out how your competitors are messaging their potential customers, specifically:
Being aware of what your competitors are doing enables you to adapt your approach and stay ahead of the game.
Competitor analysis tools
In an article, Neil Patel recommends a number of digital tools you can use to spy on your competitors. Some of these include:
In addition to this, Hubspot provides a competitive analysis kit. They provide the following 12-step process to perform a complete and effective analysis.
A true story in 60 seconds
When I finished my Master of Science in Denmark I took on my first management job. In this role, I quickly learned that I needed to know my competitors’ financial positions, as well as their sales, marketing and pricing strategies.
My job was to buy health clubs - I scouted out competitors and offered to buy them.
To do my job effectively, I needed inside information and I couldn’t just walk in and ask the owner of a business for it.
Strategically, this information aided the company's decision making process when trying to decide whether we should:
Whichever way the decision went, inside information was required.
However, I struggled to obtain this information from private companies, so I instead began targeting and approaching their employees. I sounded out employees regarding:
From this, I quickly obtained valuable information that often changed our business approach, as I discovered new ways of doing business that we had not previously considered.
So, if you want information, it's all about asking the right people!
Today, after having opened about 10 business and having been recruiting for more than 25 years, I see every recruitment drive as an opportunity to obtain competitor information.
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