1. Excesses - ignoring or idealizing a competitor
Some entrepreneurs don't pay enough attention to their competitors until they steal some of their customers. Others get carried away with competitive intelligence.
Both of these approaches are counterproductive. Here's why.
When an entrepreneur is not interested in the affairs of his competitors at all, he voluntarily deprives himself of the opportunity to promptly respond to them. In addition, he does not receive information useful for optimizing his business.
Here are just a few ideas you can get from looking at your competitors' websites and ads:
interesting topics for creating content - articles, videos, infographics;
engaging interactive – unusual calculators, virtual tours, configurators, etc.;
queries for which a competitor's site is shown in search uk whatsapp numbers results and contextual advertising - they can be studied using the spywords.ru service.
Don't "bury your head in the sand" and completely ignore your competitors. They are probably seeing you and studying you. Don't lag behind them!
When a businessman becomes overly fixated on studying a competitor, he may begin to implement borrowed ideas too zealously without subjecting them to proper critical analysis.
For example, you really liked a competitor's channel on Youtube.com and you throw significant resources into creating your own "mouthpiece" on this video hosting, without first assessing the prospects of such an undertaking taking into account the specifics of your business.
Also, you may have recreated some "feature" used on your web resource by a competitor's website. For example, a new section with a creatively presented comparison of products. In this case, it is necessary to strictly track its effectiveness using web analytics. It may turn out that a creative, at first glance, solution turned out to be not so effective.
Monitor your competitors regularly. Notice their unusual moves, subject the data to a thorough critical analysis. You don’t yet know whether your competitor has made a confident step forward or stumbled, but you are ready to respond and borrow successful ideas.
