“Steal” From Your Competitors Starting NOW – It’s LEGAL and ETHICAL
Do you have a competitor who seems to always be #1 in your market?
Want to figure out what their “secret sauce” is? Learn how to “steal” what they are doing! Figure out how to replicate or adapt it- or even better, improve the process and beat your competition!
Using these tips, you can dig into what your competition is doing.
Here are some simple, ethical ways to “steal” from your competitors:
Sign up for your competitor’s newsletter, social feed, or email list.
You will get an insider view of how they nurture a lead and turn it into a sale.
- Where are they dropping the ball?
- What holes do you see in their offerings or process?
- Should you add a newsletter or improve your outreach?
- How could you adapt it for your business?
Purchase something from them.
- Do they offer an upsell, downsell, or some package deal?
- What is their messaging?
- What is the sales pitch?
- Do you offer something similar, better, cheaper, or more up-to-date?
- How are they nurturing leads and staying in touch?
- What is their customer experience?
Check out your competitor’s ads.
- Where are they advertising?
- Do they constantly run new ads or run the same – or nearly the same – ad repeatedly?
- Who do you think is their target market?
- How could you steal some of their messaging and targeting?
If you can find out where your competitors are advertising, get a glimpse of their sales funnels, and replicate any of their good ideas that appear to be working well – you can tap into their success.
Facebook’s Ad Library will let you dig into any competitor who advertises on Facebook and see the range and history of their FB advertising.
Read (and analyze) their social media sites.
- Which sites are your competitor's primary social sites?
- Which social sites are generating the most reader interaction?
- Are they making offers?
- What are they offering for content – posts, videos, giveaways, downloads?
- How many views, comments, likes, and shares are they getting?
If a particular type of post has many comments, you can replicate that for your social sites.
Not sure where to start your "stealing"?
Use online tools to find out what ads and keywords your competitors are using.
Start with one of the free tools – they are usually comprehensive enough to check out your competition.
You can use Google Ad Words, Ubersuggest, or Keyword. If you have the budget, paid tools such as Ahrefs and Semrush can give you greater insights.
I have many resources listed on my Resources page.
Bonus: Sometimes, your research will uncover a hole in the market.
You might see a hole where your competitor doesn't offer a product or service.
You might see places where your competitor drops the ball; where you can offer a better product or service.
You might figure out better upsells, ad copy, or different places to advertise. You may uncover an under-served or overlooked audience.
Looking at what an already successful competitor is doing is always a good idea. By watching the market for opportunities – “ethically stealing” what others are doing, you set yourself up to succeed.
Find out where and how your competitors are advertising and their sales cycles.
Pro tip: Don't forget to check out competitors in complementary businesses or niches – you can often get insights and ideas for your business and may uncover a whole new market.
Take action: Download the worksheet "Steal" From Your Competitors
Taken from: Profit-ize Your Business Book One: Marketing Strategies for Business Growth
Like this post? It was taken from the Profitize Your Business series
