How to Avoid Losing Business to Your Competitors

Is your traffic not rising like you wanted it to? Are your conversions plummeting? That unsubscribe button on your email marketing getting hit hard?

Answer yes to any of these questions, and this points towards potential customers running out the door, away from your business.

Now, for the next big question: Where is that target audience of yours going?

*Harsh truth alert* but they’re probably going to your main competition. Here’s how to stop losing customers to your competitors:

5 ways to stop losing business to your competitors

1) Understand where your customers are going (and why)

Okay, so what’s the deal? What have your competitors got that you don’t?

To figure this out, you need to look into your competitors as business – what they offer, how they promote it, their target audience, and how it’s actually going for them.

Competitor analysis tools like Similarweb offer you the website performance and engagement data of all your competitors, helping you to perform SWOT analysis. That’s the strengths and weaknesses, as well as your opportunities and threats as a business.

By comparing multiple competitors at once, you can assess the traffic share between you all, and prioritize your biggest competitors versus your lesser competitors. This will help you spend your time and efforts more efficiently.

However, competitors can be competitors for a number of reasons – it’s not all about general website traffic. Consider their SEO and PPC campaigns, and run a content gap analysis and keyword gap analysis to see where you’re missing out and spot opportunities for your own website.

Among this research, you will probably find pages that are particularly high-performing for your competitors. Maybe they keep appearing when you type in a keyword (that you want for yourself) on search.

For the numbers – and all the other keywords – behind them, head to Organic Pages. Here you’ll be able to gather a full understanding of the page’s performance, with details including:

• Number of clicks
• Change in clicks from previous months
• Yearly trend
• Average position on search
• Keywords linked to this page
• Top keyword
• SERP features

2) Know your audience better than your competition

Thorough competitor research is all well and good (it really is), but without proper knowledge about your target audience, you won’t get too far. This includes understanding who could be heading to competitors…

Use tools like Audience Overlap to see just how much of a crossover there is between your audience and your competitors’. Factor this into your competitive strategy.

You need to understand who your target audience are to truly understand buyer behaviors and to perfect your user experience. Without this knowledge, they’ll fall out of the user journey along the way, or worse: they’ll never enter it at all.

Things you want to know about your audience:

• Buying behaviors
• Age and gender
• Location/geography
• Interests and hobbies
• Other favorite websites

You can get this kind of information through your current customer database and interview them, even if that is just sending out a survey or questionnaire. Include an incentive to make it worth their while – because every target audience is the same in that effect.

3) Analyze your competitors’ promotion tactics

Now you know a bit about your competitors’ digital performance and you’ve spotted the audience overlaps and similarities between you, you better start looking at their marketing and promotion tactics.

But how do you get insight into your competitors’ marketing strategy? Isn’t that kinda… secret?

WRONG. Data lets you, me, us, and your uncle’s cat get behind the scenes of rival strategies and tactics if we want it – but only if you have access to the right data (which, by the way, your uncle’s cat probably doesn’t).

Tools like Similarweb dive deep into traffic sources, including the numbers behind each channel. You can even see the specifics into different social media platforms and referrals to spot partnerships that could be enticing your audience in, making them choose your competitors over you.

4) Highlight your unique selling points

Okay, so where can you win one over on them? What have YOU got that they haven’t?

This is where you bring in your competitive advantage – you know, your unique selling point or USP.

Take that, embrace it, and big it up. It might be that you’re a cheaper alternative, it might be that you include free installation or delivery, it might be that you include cashback. Whatever it is, make sure everyone knows about it.

Be inspired by your competitors’ promotion tactics – all you have to do is make your promotional plan 10x better. Start to think about how you can steal competitors’ keywords, push hard on paid search, spruce up your socials, and connect more with your audience via quality content.

But before starting that, you’ve got to finalize one thing…

5) Optimize your messaging and strategy

But it’s not all about having a competitive edge and saying “Look over here, here’s why we’re better”.

You need to look at your current strategy and its messaging. Ask yourself questions like:

• Which of my competitor strengths can I take inspiration from?
• How can I turn my competitor’s weaknesses into business opportunities?
• Is our messaging clear and concise?

The thing is, too many times brands assume knowledge for their target audiences, when really, their messaging just leaves customers in the dark… and heading straight for competitors’ checkouts. And just like that, you’re losing business to your competitors again.

Take everything you’ve learned in the research process and develop a strategy that hooks in your target audience, simply highlighting who you are, what problem you solve, and why you’re better than the rest.

And don’t forget, the search landscape is always changing so your competitors’ strategy will be too. Don’t be left behind – keep up the good work by regularly monitoring and optimizing your strategies.

Power your marketing strategy with digital data

The moral of the story? On one hand you’ve got your competitors, but your best friend? Your best friend is data.

This best friend of yours can tell you everything you need to know about your own successes and failures as an online business, but also everything you want to know about your competitors, not to mention your opportunities to win over your customers against them.

Similarweb has all the data, insights and tools you need for extensive, impactful and actionable:

• Competitor analysis
• Keyword research
• Benchmarking
• Monitoring and tracking

All so you can avoid losing business to your competitors, and stay ahead of the game. Don’t just take our word for it – try Similarweb for free, today.

FAQs

Why is it important to avoid losing business to competitors?

In today’s competitive business landscape, losing customers to competitors can impact your bottom line and market presence. Retaining customers is crucial for sustained success.

How can I identify my competitors?

To identify businesses that offer similar products or services in your industry, you can conduct market research, search the web, or use competitive analysis tools like Similarweb for a more complete view of your competition online.

What strategies can I use to differentiate my business from competitors?

Focus on unique value propositions, exceptional customer service, product innovation, and effective marketing. Highlight what sets your business apart to attract and retain customers.

What role does online presence play in staying competitive?

A strong online presence is crucial for visibility. Invest in a user-friendly website, utilize social media, and leverage online marketing strategies to reach and engage your target audience.

How often should I assess and adjust my business strategies to stay competitive?

Regularly evaluate market trends, customer feedback, and the performance of your competitors. Adjust your strategies accordingly to stay agile and responsive to changing business conditions.

by Leah Messenger

Senior Content Marketing Manager

Leah is a Senior Content Marketing Manager with a passion for turning complex topics into engaging, educational content.