How To Profit By Spying On Your Competition
Spying On Your Competition To Improve Your Business
Hi Folks
It could pay you big time to take a close look at your competition before you launch your home based business.
When you first launch your home business venture, its really important that you take a close look at your direct competition. This should be one of the most important key parts of your business plan. I have to add that its woefully ignored by many first time home business wannabee's.
If you are set to launch your home business, the first step is to analyze your competition before your quit your normal job. In fact, if you already have a niche and product you would like to get into you should set aside time at regular intervals to take a looksee at your competition to gain intelligence.
Steal Your Competitor's Traffic And Uncover Their Conversion Strategy
A few of the areas you should certainly look at should include their website content. It would also benefit you if you had some idea what their competitive advantage, marketing, advertising and conversion strategies are.
Do not overlook any of these areas. Its essential that you cover each one of them. Try to actually talk with your competition whenever you can. Believe it or not but most business owners enjoy discussing their home business ventures.
If your home business is very localised then of course it would be best talking with an out-of-town competitor as you certainly don't want them to be defensive about another competitor close by. If your home business is limited to a certain area, then go outside it. You can also use the power of the web to spy on your direct competitors. This is quite common nowadays, in fact. Such services as http://www.whowhere.com/ (Yellow Pages) can be a big help. There are quite a few other services out there to choose from as well.
One way I used to employ was to buy from my competitors. With the purchase I usually got their promotional content. I also found out what they were charging so I could undercut them (sneaky or what?) Alls fair in love and war as they say and make no mistake its a battlefield out there.
Other stuff you can find out is which specific services that they feature and how comprehensive is their customer service. Also if they ship a product, you can discover whether or not they ship on time. What is their returns policy. This knowledge could give you a competitive advantage. Furthermore, if you do buy their product you can check out the quality for yourself.
If their venture is a service, you can easily witness the results on your own. It may be a good idea to be honest about what you're doing when you are going about this market research with competitors. You don't want a bad reputation with them.
Remember, Your home based business venture may start off rather slowly. Alternatively, it could take off like off like a rocket. How well you do your homework on your competition beforehand will have a lot to do with whether you're going to be successful or not.
Ok folks that's all I have to say on this subject but it wont do you any harm to spy on your competition. You never know but it will probably do you a lot of good.
Anyone with any more ideas on how to get the edge on your competition please do so via a comment below.
Have a great day and be successful.
Robert Allan
Recent Comments
34
Well said. Anybody putting together a business plan regardless if size needs to do a SWOT analysis for strengths, weaknesses, opportunities and threats. This involves analyzing the competition.
Hi Sondra and thank you for your input.
I actually had a SWOT pic but thought I had enough for the blog.
Here it is if you want a looksee.
Have a great Thursday.
Robert
Hi Robert, thanks for all this useful information and I will certainly use your link to help me spy on who my competition is. If I have any problems I will get back to you for help.
Hope you are well. xx
Hi Cheryl, nice to see you haven't left us just yet.
This other link from Glen is a good one as well -
https://www.spyfu.com/
Thank you for stopping by and leaving a comment.
Have a great Thursday.
Robert
ps
I'm well and waiting on my oldest girl coming for a visit.
No still here Robert, thank you. I will have a look at both links thanks. You have a great day too Robert and enjoy your visit. Xx
Sorry got ahead of myself she isn't coming until tomorrow morning.
She, hubby and the wee ones are on their way for a long weekend in Newcastle.
Flat still needs the once over though lol
Robert
Great information Robert. Especially that the business model bridges the gap between features and product!
Hi Mike and thank you for your input.
Yes its a game changer when you can get it right and you can once you know what you're competitions up to.
Have a good day and as its getting late here I'm of for the night.
Robert
Hello Glen and thank you for your comment and the link.
Its always best if you know what your competition is up to.
Then you can make adjustments to your own marketing strategies.
Hope you're having a good day.
Robert
Thanks Robert. My day is not going so well. A JVZoo vendor owes me commissions, but has been unresponsive. Another vendor owes me a refund, but all I get is silence. Annoying, but it's the cost of doing business.
I tried JVZoo a couple of years ago and as far as I'm concerned its a thinly disguised scam.
But each to his or her own.
Hope you get paid soon but don't be surprised if you have a long wait.
Enjoy your Thursday.
Robert
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A very good idea, become a sleuth! Thanks Robert :))
No probs Carol.
BTW I though you would be in bed by now where you are.
Either a night owl or an early bird.
It is a good idea to find out what your competition is up to Carol and this includes B&B's as well lol.
Get your special offer in before your competition does lol.
Hope you have a great day and be successful.
Robert
Yes, I intend to sleuth out the B&B ideas LOL. It's about 8.45 pm here so still some time to do a little more spying :))
Okey Dokey, almost 10 am here and time I was out and about for a few hours.
Catch you tomorrow.
Robert