Keeping tabs on your competitors is a must while running a business. It’s always a smart idea to know what your competitors are up to, such as what new products or services they’ve introduced, what marketing strategies they’re using, and what price point they’re offering. In order for your company to compete most effectively, you must have an understanding of why your competitors are succeeding and what you need to do to keep up with (or ideally, surpass) them.
Aaron Eichler of Minnetonka, Minnesota, has worked in areas such as business strategy, corporate development, financing optimization, and operational improvement for over 25 years. He is well versed in analyzing competitors and using his findings to boost other businesses. He shares the key reasons why your competitors are doing better than you and what you can do about it.
Reasons Why Your Competitors Are Doing Better Than You
According to Aaron Eichler, there could be a variety of different reasons that your competitors are experiencing more success than you. However, in his experience, it typically comes down to a few key factors. First, social media presence. Social media is one of the most important mediums when it comes to doing business in the 21st century. Not only is social media a key tool for marketing, it is also a place to grow brand awareness, improve your brand’s reputation, and even sell your products or services. In order to remain competitive in an overcrowded landscape, having a strong social media presence and a loyal, constantly growing following is a must. Eichler claims that every company should have a Facebook, Twitter, Instagram, and LinkedIn account that they post on regularly. There is no denying the power of social media in getting the word out about your business to thousands, if not millions of people all over the world. Knowing how to leverage this important business tool is key and if your competitors are doing it better than you, that’s probably why they’re more successful.
Another reason your competitors may be succeeding is due to their Google ranking. Alongside social media, digital marketing is another extremely powerful tool when it comes to growing your business. Your ability to succeed in the digital marketing world largely comes down to your Google ranking. Aaron Eichler advises all brands to type their general product or service into Google’s search engine. Look at the first few results that come up. If the results are your competitor’s company and not yours, that’s a problem. Luckily, there is something you can do about it. It takes time, but you can increase the Google rank of your business. To rank higher, you will need to focus on creating quality content that people want to click on, as well as fine tuning your existing content to make it more SEO-friendly (this includes strategies like adding keywords to webpage titles, linking to other websites, and removing any big files that might make your webpage load slower).
Aaron Eichler Explains How You Can Grow Your Company
Ultimately, the success of a company is measured by revenue growth. There could be many reasons why your company has less customers and fewer sales than your competitors, but the two reasons listed above are common. That said, there is a way that you can grow your company and possibly even surpass your competitors. According to Aaron Eichler, the best way to do so is by hiring a business consultant. Business consultants are experts in their field. A business consultant can conduct a market analysis on the specific industry your company is in and then find ways to grow your company.
A market analysis conducted by an independent consultant can be much more in-depth than what could be created in-house, in part because these professionals are experts in their field. Any solid market analysis typically includes findings on the size of the market, the buying patterns of customers, the competition, and the overarching economic environment. Once the analysis is complete, Aaron Eichler asserts that it is the consultant’s job to put their findings into action and come up with several different strategies on how your company can achieve growth. Growth strategies vary and are specific to each individual business, but they could include opening up new locations, expanding product lines, increasing your digital marketing presence, selling products on new platforms, or investing in customer acquisition.