Digital Marketing Blog

Competitor Analysis & why Successful people don’t bother with it.

Posted by Joana Inch on 9/5/16 9:30 AM

You’re probably here looking for a good competitor analysis tool that you can use to help boost your business and stand out. I’ve mentioned a very good one in the Free eBook. Probably the only one that you will need and should use in order to get ahead. One that will help you with visibility when your customers are looking for what you have to offer. One that can help you determine what your customers are searching for when they need you and one that will help you analyse your customer’s goals and problems.

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But if you’re looking past that and much deeper into what your competitors are doing… then you’re wasting your time.

You may have noticed that I have used the word “customers” 3 times in the one sentence above. This is because this is where you focus needs to be!

Customer Analysis – not Competitor Analysis.

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Customer Analysis is what will get you more customers and hence more revenue and hence make your business more successful.

Competitor Analysis will get you more bitter, more negative and more identical.

 

I challenge you today to compete with yourself on the following tasks:

  1. How can I understand my customers better ?

  2. How can I make my customer experience better ?

  3. How can I better service my current customers ?

  4. How can I delight my customers so that they promote me to others ?

 

Bill Gates famously said “Your most unhappy customers are your greatest source of learning.”

And I think he’s done pretty well in business…

 

Don’t seek your competitors and what they are doing, seek what your customers need. Try and solve their issues and try and improve their experience with your business.

Do that alone and you will have success. Not only that – but you will actually enjoy doing what you do and working on your business and your ideas. Let’s face it – Competitor Analysis can be highly depressing and demoralising. SO just don’t do it.

 

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My Story….

I am now in my 8th year in the Digital Marketing Business and would still not be able to name 1 of my competitors. I know there are loads of businesses out their doing Digital marketing but I don’t know who they are and I wouldn’t consider them competition because I am certain that they don’t/can’t do what I do. It may sound a little cocky but it’s this kind of attitude that has shifted my focus in the right areas and therefore allowed me to grow my business. In fact, 90% of my clients have come from word-of-mouth and the other 10% found me organically on Google.

I will say that Revenue has grown significantly year-on-year. But aside from growing the business, I also found that dealing with people that you have been recommended to is much easier that dealing with people who don’t know you.

The close rate is much higher. We close 90% of the word-of mouth leads and probably 50% of the organic ones.

 

These type of customers are also more ready to get started. Their campaigns start within weeks rather than months. They are ready to go, they trust you and they just want you to do a good job for them – just like you’re doing for their friend. Whereas the organic ones seem to delay the process until they suss you out some more.

 

So I definitely prefer the referral type of customers. And so will you.

My goal is always to look for ways to help my customers solve their problems and when I do it’s a massive gratification.

 

Wouldn’t you feel better knowing that you have helped someone (a customer) rather than obstructed someone (a competitor) ?

And trust me – you will be rewarded greatly for going down this path.

 

If you're interested in learning about some great tools that can help you manage client campaigns more efficiently, then download this Free eBook on the top       6 Business Automation Tools to help any Business thrive.

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