Profit from Your Competitor’s Decline 

By Randall Orser | Small Business

Do you feel that your competitors are there to just steal your clients? Change your thinking and use your competitors to your advantage. Blow away your competition in your market by using the following three ways to profit from your competitor’s decline.

What do your potential customers want?

You probably have a good grasp of what your existing customers want, however, it’s important to learn what your future customers want. How do you go about that? Check out the competition’s social media sites, and see what their customers are commenting, and what they favour about the products or services of that competitor. Then implement some of these ideas in your business, at least those that fit into your brand. Of course, don’t contact them directly on the competitor’s sites, however, do invite them to subscribe to your business page or other site, maybe your newsletter.

Can you pick up where the competitor left off?

Look at the negative comments on the competitor’s sites as well. What issues are coming up in those comments? Is there an area of the competitor’s business that people are having a tough time with? Then make sure your business isn’t having the same issues. This gives you a double whammy, being able to fix the competitor’s customers issues, and having your own customers see an improvement even if they didn’t realize it was there. That said, be careful not to scare your current customers away with any change. If you think a change may be an issue with existing customers, use a poll, survey, or just ask them outright to find out how they would feel about said change. If one of those won’t work, then do some exploration of other businesses have done this change with any level of success. Your existing customers are important, and it’s far better to keep them happy than changing something just to get new customers.

What’s Your Angle?

Stand out from your competition by focusing on those things that you do best. Always look at your competitors and what they do best, then figure out a better or different angle to exceed them. For customers looking for something a little different, this would be a good draw for them. In order to stand out from the competition, do what you do best, however, have something the competition doesn’t. You’ll not only gain new customers, but they have grounds to stay loyal.

Business is all about being known for something. The best way to figure out that ‘known’ is to check out the competition. Grow your business and keep your customers happy by using your competitor’s strengths and weaknesses. Start learning to profit from your competitors decline, and you’ll feel less like your competitors are in your way.

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About the Author

Bookkeeper Extraordinaire
Number Crunchers® Financial Services

Learn how to just say stuff it to this bookkeeping thing with our ‘Just Say: “Stuff It” To Bookkeeping program.