Another benefit: By understanding how others in your industry present themselves to the public, you’ll have a better idea of how to craft your own marketing materials so they differentiate your company from your competitors. You might also consider shopping the competition for price, or hiring a mystery shopper service to uncover their customer experience strengths and weaknesses.
Do You Know What Your Competitors Are Up To?Written by Scott Greggory, Chief Creative Officer
It’s one of the many great lines from the movie The Godfather: “Keep your friends close, but your enemies closer.” While “enemies” may be too strong a word to describe your competitors, keeping track of what they’re doing makes good business sense. Subscribe to their newsletters. Collect their collateral and print ads. Monitor their websites and broadcast advertising. Doing so will give you insight into their sales and marketing strategies, and keep you up-to-date on their product offerings.