Smile, they’re checking YOU out!
Your competitors are watching your every move; the question is, are you watching them? Whilst it sounds a little stalkerish, actively reviewing your immediate competition is critical for any successful business.
Why?
It’s smart to know what you’re up against, and where you sit on the leaderboard. Just mumbling “Yeah, I stack up alright compared to the next guy” doesn’t cut it!
You need to KNOW exactly where you sit in comparison to your competition so you can make informed business decisions – especially in regards to marketing.
Follow the steps below to start your competitor analysis and get ahead of the game.
Who are your competitors:
Start by googling your profession in your local area, for example; “Plumbers, Mona Vale NSW” and see who comes up.
The top five results usually are sponsored adverts – that’s an excellent first indication this is your competition, as they are actively pursuing new clients and have a marketing budget.
Being in the top search results costs big dollars. So, if you can’t spend big, you need to work smarter! Review what these companies offer, and how they present themselves – SO YOU CAN DO IT BETTER!
How to track:
Now that you know WHO your competitors are – we need to learn how to do it better than them. Start by reviewing their Website, Facebook, Instagram, Seek & Jora job adverts and Linkedin profile.
Using screenshots, capture the following competitor analysis on an excel or word doc – whatever you’re most comfortable with.
Where did they rank in the top five Google search results?
- What does their website homepage look like?
- What are their most recent social media posts + engagement levels, i.e. how many likes/ comments did they receive?
- Do they have a recent job posting? What copy are they using to attract recruits? How often are they posting new openings *hint that might be an indication of high staff turnover!
Repeat this for your top 5 competitors.
Whilst a competitor analysis seems like a lot of work, on a page you’ll be able to see exactly how your competition is positioning themselves, and you might even get a few good ideas for your own business!
Compiling the data:
It’s all well and good to compile this data, but you need to DO something with it. Take the rose-coloured glasses off and critically review.
How does their website look side by side to yours?
- Ask yourself; Does it look professional, how recently was it updated, are the images glossy and high quality?
- If their site looks better than yours, what inspiration can you take from them to make your website look better than theirs? What can you add that they don’t have?
How does their social media compare to yours?
- What are their customer engagement levels compared to yours?
- Did they hero any special offers or run competitions? Were they successful (i.e. were customers actively engaging with the offers)
- What inspiration or lessons can you take from their social media posts and apply to your pages?
Ideally, you should undertake this competitor analysis process quarterly. However, twice a year is sufficient too, because we get it, you’re time poor enough already, and this is just ONE MORE TASK to add to the pile.
But through this regular tracking and reviewing, you will see your competitors’ rise and fall and know EXACTLY where you stack up!
KEY TAKEAWAYS
- Competitor analysis is essential to your business.
- Using Google to find your top 5 local competitors.
- Review their pages and compare to your own.
- Repeat quarterly.
- Actively use this information to better your business.
What’s next?
- Join our Kick-Ass Tradies Facebook Group, for access to trade business specific conversations, tips and resources, plus a like-minded community of tradies.
- Book a Strategy Session with Andy, owner of Dr. DRiP plumbing and co-founder of Lifestyle Tradie, to clarify your priorities and get clear action steps on where to take your business in 2021.
- Check out our upcoming live events HERE to find an event near you! These events are jammed packed with insider tradie knowledge that YOU need to know in order to build a strong, successful trade business.
