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You love owning and operating your own business, so it makes sense that you want it to prosper, grow, and become better year after year. You [link widoczny dla zalogowanych] do this by focusing on [link widoczny dla zalogowanych] offering consumers a reliable product or service, providing outstanding customer support, making sure you reach your target audience, and helping them to recognize and respect your brand. However, its important to also keep an eye [link widoczny dla zalogowanych] on your closest competitors because theyre the [link widoczny dla zalogowanych] ones who will not [link widoczny dla zalogowanych] only have similar business goals to yours, but will also want your customers as their own. So, whats the best [link widoczny dla zalogowanych] way to learn more about competing businesses and how theyre doing?

Hire a Professional

Keeping tabs on your competitors is an effective strategy for growing your business, but it can be time consuming for you or your employees to conduct extensive research. There are firms that can help you gain competitive intelligence by providing services such as competitor profiling, research and analysis, monitoring and forecasting, manufacturing cost analysis, consulting, and many others. The information these types of businesses can provide you with can help you anticipate your competitors moves, which could allow you to make certain informed decisions in a timely manner.

Google

If hiring a competitive intelligence agency isnt in the budget, there are some other ways you can check in on competitors. For instance, you can always start with a Google search, which is how most people [link widoczny dla zalogowanych] start looking for anything these days, but searching can be an especially effective tool when youre researching competitors. You can start by clicking through a competitors website and reading about their specific services and products, what customers say about them, and so on. Along with search, you can supplement your quest for information by using some of Googles other tools, such as Google Alerts. This feature allows users to enter specific queries (for example, a business name) and then tracks that query and sends a report to you any time that the phrase is mentioned online. This is an effective tool for not only tracking how many times your own business is talked about online, but also to see how often your competitors get a shout out.

Social Networks

More and more businesses these days are creating larger presences for themselves online, and with the prevalence of social networks such as Facebook, Twitter, and LinkedIn, its quite easy to do. These outlets have become essential marketing tools for many businesses, which means you can learn a great deal about your competitors simply [link widoczny dla zalogowanych] by checking in on their pages every once in a while. Youll get a great sampling of what your competitors customers are saying about those businesses. Additionally, following competitors on review outlets such as Yelp can help you learn about the deals and promotions other companies may be running. This can help you craft specials that appeal to like-minded customers.

Another great way to cull information is to sign up for competitors email blasts or newsletters. These marketing methods are typically used to inform [link widoczny dla zalogowanych] customers of new products or services or even upcoming [link widoczny dla zalogowanych] events. Newsletters and emails can be a rich source of information to help you make strategic moves and grow your business.

Win Customers, Dont Steal Them

Using these and other competitive intelligence gathering methods, you can create plans that will help you keep your customer base and win not steal other customers away from your competitors. Dont forget to ask your current customers about what other businesses theyve used before and why they use your business now. You should do the same when a customer decides to go to a competing business. What attracted them to the other company? What could you do better that might win them back?

Once youve gathered enough information, you can navigate your particular industry more easily and keep your business at the head of the pack.

Taylor Thomas [link widoczny dla zalogowanych] is an experienced writer who has [link widoczny dla zalogowanych] written for a number of notable publications. As a business expert, Mr. Thomas is able to offer advice and insight on a multitude of topics, including those pertaining to business and employment.

Taylor Thomas is an experienced writer who is able to offer advice and insight on a multitude of topics, including those pertaining to business and employment.
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