Collectively, your competitors may have a much bigger budget than you, more years in the business, better risk tolerance etc. The bright side is that you can use that to conduct research as a potential customer. Figure out what’s good about their processes and services, what can be improved, what can be cut down etc.
Things to find out
- Where do they advertise?
- What search terms are attracting customers to them?
- What are they using for a lead-magnet?
- Can their email marketing series be improved?
- Are customers complaining about them?
- What kind of images and copy do they use?
Don’t just copy
Do NOT blindly copy your competitors. The idea here is just to gather information and then make an informed decision. In many cases, they don’t know what they’re doing either – but with today’s technologies at least you can gather some of their data and avoid mistakes they’ve made.
You can use their processes as a template and then expand, chop and alter your funnel based on your other strategies. From there it’s all about testing – this is just due diligence.
- Ease: Doable
- Cost: $10+
- Scope: Medium
- Speed: Slow
- Reach: Country