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Blitz the Competition - Homes.com

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Part of managing your online reputation also means keeping one eye open on your competition. ...

Part of managing your online reputation also means keeping one eye open on your competition.

To learn more about managing your online reputation, download the complete guide today: http://bit.ly/OvP7nY

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  • 1. Page 12 . For more ideas on how to market your business, visit connect.homes.com. blitz the competition: Monitor your Competitors to get Ahead PepsiTM and Coca-Cola.TM Wendy’sTM and McDonald’sTM . TargetTM and Wal-Mart.TM All of these brands have a strong online presence and they are all watching each other’s next move. Whether it’s a public relations catastrophe, a charity contribution or a new product launch, they are all talking. Part of managing your Online Reputation also means keeping one eye open on your competition. And, more importantly, these brands are learning from their competitors; mistakes! After all, a wise man once said, “Winners build on mistakes. Losers dwell on them (Arnold Mori).” Take the opportunity to take some risks, play off others’ successes and failures. Take the lead on a tactic that your competition couldn’t get quite right and even take a page out of their playbook and make it work for you too. In 2011, Target produced a documentary called “Behind the Bull’s-eye”, in which they explained to viewers that not only are they the number two discount retail store behind Wal-Mart, but they are happy there. They are happy in the number two spot because they aren’t scrutinized as much in the shadow of the glaring limelight that shines on Wal-Mart. Target can fly under the radar when it comes to negative publicity, which is more difficult to do when you are number one. Not to say you don’t want to be number one, however, this tactic of paying close attention to your competitors can work in your favor. You can push your brand harder and take risks when your competitor receives some negative publicity. isnotonlythebasisof protectiontotheconsumer, butistheincentiveto -Herbert Hoover “ ” Competition progress.
  • 2. Page 13 . For more ideas on how to market your business, visit connect.homes.com. blitz the competition: Monitor your Competitors to get Ahead Blitz the Competition: Monitor your Competitors to get Ahead Set up Google Alerts and other third-party tools for competitors and industry news. Pay attention to what is being said about competing brands and the industry as a whole. Use the information to make your services better, pick up where your competitors are slacking, stand out where they don’t. Find out why your competition is being noticed and figure out how you can make it better. Follow industry leaders on social networks like Facebook and Twitter, as well as growing channels like Pinterest and Instagram. Similar to Google Alerts, use the information you see in social channels to your advantage. If they are launching a product or hosting a contest, see how you can play off of it. Could you do something better? Is there a way you could offer something that could work hand in hand with the prize they are offering? Stay in tune with your competitors’ social initiatives and make some of your own that are fresh and new. Check out analytical tools and reports to compare and evaluate the activity on your social channels versus the activity on your competitors’ channels. Use these tools as a benchmarking system to evaluate how your content stacks up against your competitors. Are they getting more click-thrus and comments than you? Are they positive or negative? Do they have more followers? These reports will be helpful in fine-tuning your messaging and determining what type of content triggers more engagement and business growth. Sign up for your competitors’ promotions and newsletters and subscribe to their blog feeds. Taking these steps and understanding what is and isn’t working for your competition will prove to be a strategic move for enhancing your own reputation and coming out ahead. Take some risks.   1 2 3 4