Knowing your competition is a trait of any retailer with great business acumen. You are your own boss, but this doesn’t mean all of your own ideas are gold. Much like in other industries, the real key to make it in the retail landscape is to learn from what your successful competitors are doing.
Not everything you pick up may apply to your business, but the point is to never be ignorant of your competition. Their good and bad practices are all useful to push your business to profitability.
Here are some of the things your rivals could teach you:
Even if you’re not trying to target buyers that are not budget-conscious, you nevertheless still need to make your pricing reasonable and competitive. Basing your prices solely on your overheads won’t cut it. What matters is you’re fully aware of the quality others bring to the table and how much they’re asking for it.
Investing in a powerful competitive price monitoring tool is important. This would allow you to gain essential intelligence you need to beat your competition. Until you can track their pricing real-time, it would be difficult to price your own products.
In eCommerce, sound search engine marketing is a non-negotiable requirement. You shouldn’t only know which advertising platforms work, but also which ones are the most effective at the least possible price.
Advertising alone can drain your budget, so understanding which paid ads deliver optimal results could lower your online marketing outlay big time. Tools, like MixRank, could help you see the type of ads your competitors use and the landing pages they advertise.
Innovation is one way to stand above from the competition, but everything can be adopted. If other retailers come up with a novel idea that has proven to attract customers, study it, copy its strengths, identify its weaknesses, and further improve it.
This doesn’t mean you should stop thinking of your own innovations, but your ego should never stop you from emulating existing ones.
Sometimes, your competitors are a friend. Even if you’re already atop of the food chain, always keep your rivals close and spy on their every movement.