In saturated markets, yours is personally Brand could be the deciding factor that sets you apart from your competitors. How do you stay aware of your competition and adapt yours? Branding to attract attention?
These answers are provided by the Young Entrepreneur Council (YEC), an invitation-only organization made up of the most promising young entrepreneurs in the world. YEC has also launched BusinessCollective, a free virtual mentoring program that enables millions of entrepreneurs to start and grow businesses.
1. Watch their social channels
Social media is an important tool for personally Branding and one where brands tend to improve their performance. Use social listening software to monitor your brand’s reach compared to the competition. You can also evaluate personally Branding Campaigns in which employees and thought leaders in your company develop new ideas for your company Branding Campaign. – Kristopher Brian Jones, LSEO.com
2. Attend industry events
Industry events and trade shows are a great way to get an up-close look at the competition, what’s on offer, and how they’re marketing. They are also an opportunity to hear from industry leaders and influencers, see which direction the wind is blowing, and stand out from the competition. – Justin Blanchard, ServerMania Inc.
3. Update your brand
Take a look at your competitors and see if your brand / image might need updating to become more competitive. Take a few minutes to review your current strengths and bring relevant information to your brand. Next, break down your long-term goals to see if elements in this document look good as part of your brand. – Andrew Schrage, Money Crashers personally Finances
4. Watch them like a hawk
Sign up for the email list, set up Google notifications for the business and keywords you are rating each other for, and follow them on social media. You can even hire a virtual assistant to transcribe their podcasts or YouTube channels. From there, you can make product and service adjustments if necessary when big announcements are made. When you know your competitors, you know what they are Not to do. – Bryan Citrin, Chiropractic Advertising
5. Go against the current
The only way to stand out is to do the opposite of what everyone else is doing, even if it seems crazy. The internet is a zoo. Put the laptop away and turn off the smartphone. Put on a nice suit and go to stores in person. Bring a free sample of your work as a gift and show value to the owner. Request a meeting where you can continue speaking. Nobody is doing any of this right now. – Thomas Minieri, Minieri & Company
6. Pick a few things that you are good at
If you worry about and try to catch up on all aspects of your competition on social media, events, and their websites, it can lead to half-conceived forays into channels that don’t work well for you personally Brand. It’s worth being aware of, but make sure you pick some channels that do very well and not every channel your competition is in. – Brandon Stapper, Nonstop Signs
7. Do a live SWOT analysis
In order to keep an eye on the activities and brands of our competitors at all times, we conduct an open and continuous SWOT analysis of the market participants. We are constantly monitoring the strengths of our and other brands, weaknesses we may be able to capitalize on, new opportunities that arise in the marketplace, and threats we may face. This simple tool helps us keep our pulse on the market. – Diego Orjuela, cables & sensors
8. Monitor the happiness of your customers
We want to quantify as much information as possible and we send our customers surveys asking them to rate their satisfaction on a scale from 1 to 10. In this way we can assess how satisfied you are with our product in order to better predict the wear rates and develop retention strategies. – Chris Christoff, MonsterInsights
9. Get involved in the community
I try to build close relationships within associations and business communities in the niches in which we operate. For example, in terms of beauty, I would strive to offer content on their website, buy banner ads on their websites, speak at their conferences, or buy a placement on their newsletters. Go beyond that, invest your time and resources and gain the mindshare space – then stay tuned. – Matthew Capala, alphabetically
10. Read reviews on third party websites
We have conducted extensive research and experimentation into how customers interact with our website. The last thing potential customers do is check online for reviews and complaints about your business. When your business is searched online, it is imperative to show positive reviews on sites like Google Business, Yelp, and the Better Business Bureau. It is these reviews that seal the deal. – Brian Greenberg, Life Insurance Quotes
11. Find a niche
While several different companies and services are aggressively pursuing a demographic group, if you look for a specific niche, you can find your own untapped market. Finding a sub-subculture in a larger pool can stunt your audience growth, but it can lead to rabid loyalty. Homeschooling CPAs and correctional accountants are two examples of lesser-known niches that we followed. – Bryce Welker, Crush The LSAT
12. Work for simplicity
We like to look at the competition to see what makes it too complicated and to make it easier for the user. Whether you are adding drag-and-drop elements to make it easier to use a technology without code or to provide better documentation, there are ways you can make features easier to use. – Jared Atchison, WPForms
13. Accept constructive criticism
I am always looking for feedback. I ask my team, my colleagues and my mentor to do so. As an athlete, you are always looking for ways to improve yourself and improve your competition. I do the same with my business, but instead of looking at tapes, I look at my analytics and trust my team. I like constructive criticism because it helps me improve my job and grow my company. – Daniel Griggs, ATX Web Designs, LLC