Of course you follow your competition, watching how they grow, they’re marketing efforts, their product offerings. But do you track what others say about them?
What is the industry saying about your competitor? What are their customers saying? What are your customers saying about them?
You probably have some ideas, but how you use that information is the difference between gossip and research. The information isn’t about your peers, it’s about your customers, your audience. What needs, interests, and desires aren’t being served, and what are you doing to close that gap? By listening to the chatter you can learn what your customers need, want and what their pain points are. By then offering those solutions you can increase your customer acquisition and your business.
Word of mouth isn’t just a powerful marketing tool, it’s a powerful research and development tool as well as you deliver customer-centric solutions.