“Knowledge is power.” This is a well known saying commonly attributed to Sir Francis Bacon, who was an English philosopher, statesman, scientist and author.
In business, knowledge certainly is power. For example, if you knew where your market was heading, you would have a massive leg up on your competition.
Because your customers know what they want, speak to them. And don’t just speak to your current customers, but speak to your competitors’ customers too. Learn to listen deeply to your customers and to ask probing questions. And when you hear consistent feedback (and not just one customer saying something), take action.
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2. Learn from your competitors. Watch your competitors closely and learn from them. What do they seem to be doing well, and how can you better emulate them in this respect? What are they doing poorly that you can capitalize on?
Importantly, don’t just copy your competitors until you know that what they are doing works. For example, if a competitor starts offering a 25% off discount for new customers, don’t copy them right away. Rather, wait and see what happens. If the competitor stops offering the discount quickly, then the promotion probably didn’t work. Conversely, if the competitor is still offering the discount 6 months later, it probably did work. Only copy the competitor’s “winners.”
Also try to figure out what competitors are saying about you. And, if criticism from a competitor gets back to you, don’t become defense or dismiss it casually. Rather, engage critically with it. The criticism may prove to be quite helpful. A competitor may be aware of your weaknesses in a way a friend or customer cannot be. So don’t disregard negative feedback, but rather consider it carefully, and take corrective action as appropriate.
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3. Learn from your employees. Oftentimes your employees have a lot more information than you do. They are the ones who are interacting with customers, and they are the ones that are building your products and providing your services.
Speak to your employees and get their feedback, ideas and suggestions. As an example, nearly all new innovation at Toyota comes from front-line employees. Encourage your employees to come up with ideas and give you feedback. They may also alert you to changes in the marketplace and customer behavior that you need to understand in order to adapt.
4. Learn from your community. This is particularly true for local businesses. Find out what is going on in your community. For example, if your community is heavily involved in recycling, or if the local high school football team just won a championship, then you need to know about it since these are things your community cares about. Importantly, leverage this information. In these two examples, you could offer a sale related to the football team’s victory. Or post signs explaining how your business recycles. These actions would position you as part of the community and cause customers to flock to your business.
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5. Learn from coaches and consultants. The right coach and/or consultant will have lots of knowledge that you don’t. They will have worked with other business owners and “been there, done that” – that is, they will have seen challenges and overcome them already. Because you won’t have to “reinvent the wheel, ” these paid experts can allow you to make the right decisions, avoid mistakes, and grow more quickly. Plus, paid experts can give your business a reality check and keep you focused and accountable.
6. Learn from mentors. The right mentor serves a similar function as a paid coach and/or consultant in that they have experience, expertise and connections that allow you to avoid mistakes and grow your business more quickly. The challenge is finding the right mentor, and setting up the appropriate structure to get ongoing feedback (this naturally happens when you pay a coach or consultant).
7. Learn from other business owners. In previous articles, I have mentioned the massive power of mastermind groups. Mastermind groups are groups of business owners who work together to grow everyone’s business. Mastermind groups are incredibly powerful since other members of the group will have already overcome the challenges you face, and thus can give you the answers you need.
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Likewise, in many cases, skills and knowledge that have taken other business owners months or years to learn can be transferred to you in minutes. So, you gain massive knowledge quickly, and gain a support group that all shares the common goal of building a great company.
Knowledge certainly is power. Leverage these seven ways to gain knowledge, and you will be able to outsmart and dominate your competition.Being in business means facing stiff competition. Even though around 80 percent of small businesses survive their first year, only a few are able to pull the feat and sustain for many years.
What is the “it” factor that allows some businesses to thrive, while others die a slow and painful death? How can you repeat the successes and avoid the failures?
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A big part of the equation is staying a step ahead of your competitors. Doing so requires creativity, paying attention to the market and knowing how to outsmart your competition. Fortunately, you can easily pull ahead of your competitors by correctly implementing a few simple e-commerce tricks.
User experience improvements can work to increase your bottom line. Approximately 97 percent of websites fail at UX, and thus suffer from poor conversion rates.
Statistics show it’s highly likely your competition is failing at user friendliness, and if you can improve your UX, you’ll be ahead of the game and ahead of the competition.
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Some top things to include if you want to instantly make your site friendlier include easy navigation, mobile responsiveness and less clutter on your pages.
Pinterest is an example of a site that has done an incredible job with UX. Of course, Pinterest wasn’t the first website that allowed users to save links from around the web. However, those other sites didn’t offer images or click-and-save features that integrated easily with blogs. This functionality allowed Pinterest to overshadow its competitors quickly and become almost addictive to users.
If you want to reach your target audience, you first need to figure out where they spend their time online. One way to do this is to seek out your competitors and figure out where they are advertising. There are several tools for “spying” on your competitors, such as Google Alerts and What Runs Where — a utility that allows you to track your competition by looking at ad networks in different countries.
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If you aren’t already using Facebook lead ads, this is a smart tool that allows you to collect information from a highly targeted audience of people who might be most interested in your product. Typically, you would offer a special deal or a free download to get them to sign up to your mailing list. You can then market to them going forward. This step is something much of the competition fails to do, so it’s a smart move on your part.
Hallmark is one example of a targeted Facebook ad. They have a lot of competition with discount cards and online e-cards, but they stand out from the crowd with their emotional, heartfelt ads. Here, they share one in a lead ad, and the action they want the user to take is to shop immediately.
To get ahead of your competition, you have to know all you can about them. Creating a competitor map can be quite helpful with this. Even if you run a global business, it can still be a useful strategy. All you need to do is place the other companies’ headquarters on a map. Doing so will create a visual representation of where the companies’ core markets are and give you insights to possible delivery time and cost.
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You’ll also want to spend some time browsing your competitors’ sites. What are they missing, and what can you do better than they do?
Amazon is the king of e-commerce websites. In fact, they began to eat into Walmart’s sales, forcing Walmart to take a deeper plunge into online retail. However, Walmart also allows customers to pick up their items in their closest store — which eliminates shipping costs and means people can get their purchases sooner. Of course, the customer can also choose to have the item shipped, or get free two-day shipping with a minimum order.
One way you can differentiate yourself from your competitors is to analyze what they have to offer. You should look at both products and shipping costs. You’ll also want to study their sales cycles and special offers.
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Once you have a good idea of what your competitors offer, think of ways you can top them: more products, unique products, better sales, more frequent sales, free shipping, buy-one-get-one-free offers and as many extras as you can handle.
You’ll also want to fix any problems on your site. For example, if your site loads two seconds slower than a competitor’s site, figure out how you can get your site to load two seconds faster than theirs.
Laura Ashley is one example of a site that goes
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