Growth hacking might sound like a shady enterprise, but the term really just refers to the act of trying every little trick you can think of to gain customers and followers. Growth hacking tricks can take on a number of forms and one of the more useful ones is using it to keep an eye on and learn from your competition. There are a number of ways to do this and there is a wealth of information you can learn that you can use to hone your own marketing efforts.
Pricing is one of the most important part of any business and, obviously, the more competitive you can be in your pricing the more business you can pull in. Pricing is variable in a lot of industries though, and it can be difficult to keep up with how your competitors are pricing. One great trick is to sign up for competitors’ marketing lists or newsletters. This way you can keep an eye on when they might offer discounts or specials and react accordingly.
A sure way to gain recognition is to engage with the media. This is basically free advertising that can go a long way in helping your business. This is another area where you can monitor the competition. A few simple Google searches of your competition will reveal if they ever engaged with the media. If they have, you might be interested in approaching that media outlet, your business is in the same industry and they may be interested in hearing another side of the story.
Aside from who they are talking to in the media or how they go about pricing, it is also important to take a look at who your competition is partnering with. Which third party contractors, distribution systems, or CMS platforms are they working with and why? This can be effective on two levels. First you may discover a more efficient system compared to your current one. Second, if you discover that you have the more efficient system, you can use this information to give confidence to your customer base.
Another major factor to consider is where the competition is focusing its social media efforts and who the influencers in the industry are. There are so many social media platforms out there, and they each cater to a slightly different audience. Find out what is working for them and you might be able to emulate that using your own unique identity. You might also discover who the influencers are in the industry and how the competition is engaging them, once this is discovered you may be able to reach out to these influencers as well.
As we have seen using growth hacking techniques to take a closer look at the competition can pay off in a number of ways. It is important to remember that you shouldn’t just copy the competition, you should use this information carefully, take what works, and apply your unique identity and brand to it.
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