December 30 ,2015 | by Hari Srinivasan
Entrepreneurs can improve their business by studying competition
Entrepreneurs should study their competition in order to learn about productivity and change their business for the better, according to entrepreneur John Rampton.
John Rampton provided a number of tips in an article for online magazine, Entrepreneur, stating that he sees his own competition as “a bar set for me to jump over.”
According to Rampton, entrepreneurs need to look at what content their competition is currently offering to see what resonates with their shared audience.
He said: “Look to see if your competition is using video, infographics or some other type of content that resonates with your shared audience. It’s also good to know where they are sharing this content to see if there are any places I'm missing opportunities to add or share information.”
Rampton discussed his own experiences and the lessons he had learnt, stating that it would have taken him a lot longer to shape his content strategy if he had not studied his competition.
He also highlighted other key points, such as considering the primary messages for online marketing and comparing competitors’ keywords with his own for better search rankings and customer engagement.
“I learned what works effectively with my target audience by observing what the competition did on Facebook, Twitter and other social media platforms,” he said. “Scope out your target audience and the overall external environment, but it’s just as important to track the competition.”
Studying how competitors develop their products and looking at how they train their teams can also help to make a business more productive, according to Rampton.
Hari is the LSBF Blog's News Editor. He manages the editorial content on the blog and writes about current affairs, SME, entrepreneurship, energy, education and emerging market news.
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