There are lots of business owners out there who believe that they can be successful while ignoring all of their competitors. They think that their time is better spent solely focusing on their own tasks and goals. However, that may not be the case. After all, I’m sure that you will have heard the saying “keep your friends close and your enemies closer,” right? Well, that’s exactly the case in business too; you just need to replace “enemies” with “competitors”. That’s because there is a lot that you can learn from those who are in the same line of business as you.

To help you learn from all of your competitors, here are some questions that you should try and answer while you are studying them.

Who Are They Outsourcing To?

If you have been thinking about outsourcing some of your company’s tasks and jobs to freelancers and contractors, it’s worth finding out who your successful competitors are outsourcing to. They probably have already researched the best-value contractors to use, so will have saved you a lot of research time. For instance, if you need some IT help, it’s worth seeing if they use managed IT Services throughout their company. If so, then you should consider hiring the same contractors. However, don’t forget that if there is a conflict of interests, then the contractors might not be able to work for you as well, as you are direct competition to one of their clients. In any event, take measures to enforce a confidentiality agreement so that none of your business information is shared with your competitor.

How Are They Utilizing Social Media?

It’s also worth your while to take a peek at their social media channels. This information will give you the opportunity to see how they are utilizing social media in their business and the kind of branding persona they have given their company. This access will be a great way to get some inspiration for your own online customer engagement.
What Is Their Pricing Structure?

One of the hardest things for a new business owner to figure out is exactly how much they should be charging their customers for their products or services. This indecision often exists when the business launches a new product for the first time as well. Ideally, you need to see what the market average is for the kind of products you are selling, and use this to work out how much to charge. The best way to work out the market average is to see what your competitors are selling similar items for and use these figures to work it out. Ultimately the final data is your choice, so be sure to price according to your comfort.

How Is Their User Experience?

Your company’s user experience could either make or break your business. If you think that yours requires a bit of improvement, it could be worth checking out what your competitors are doing in this department. Take a look at how they interact with customers online and see how you can use this as inspiration for your own company.

Every business is unique, and yours is no different. However, it behooves you to know what your competitors are doing and to be okay with customized replication of what may also work for yours.

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