8 ways to keep up with competitors - and technology
But the algorithm! But my competitors are doing it differently! But I can’t spend as much on technology as my competitors! But I only have 500 followers in Instagram! But I only have 100 emails on my list! But I’m not as well-known as my competitors!
Shut. It. Down.
That voice in the back of your mind that seems to ALWAYS have an excuse every time you want to try something new or take a step out of your comfort zone is the thing that is holding you back.
OK, now that we’ve gotten that out of the way. Let’s talk about keeping up with everything going on around you. Last week, I talked about not comparing yourself to your competitors and what they are doing. But I did mention something really important – you need to know what they are doing so you can find your place in the market. So, this week, I want to talk about how you can keep up with the changing world around you – competitors, technology, politics (oof, right?!) – while still maintaining your brand identity and overall strategic objectives.
Here are 8 things you can do to feel like you are staying on top of everything.
Write down your business plan
Goal setting blah blah blah… I know… I say it a lot. But it’s super important. And in this case it’s part of a bigger picture. You don’t need a detailed business plan unless you are looking for funding, but you do need to make sure you that you have a business plan for your business – and it should be written down. Your business plan should include things like your overall business goals, a detailed outline of your target audience/buyer personas, details about your product features and benefits, high level view of your supply chain elements (if relevant), overview of business stakeholders, overview of how you’ll make money and where it will be spent, and a high level marketing plan with marketing-specific goals.
Having a plan in place is a great foundation for success. Writing it down makes it easier to use it as a benchmark as you make decisions along the way. That way you can always go back to your goals and your target audience rather than relying on what’s happening around you. In the end, how you react to external changes will be more relevant to your business rather than panicking and responding in a way that doesn’t make sense for your business.
Join an industry organization
Staying involved in your industry will not only help you stay relevant and visible, but it will also help you keep up with changes and trends that may affect how you do business. With everyone in a post-pandemic mindset, in-person events are starting to crop up again and it is a chance for you to connect with competitors and consumers.
Most organizations will also have speakers come in who will discuss topics that are relevant to your unique situation – and it gives you a chance to ask questions as well! If you’re not sure about your professional organization, you can also join an entrepreneur community where you’ll meet professionals in various industries. There are also a number of accelerator-type programs that will challenge your current thinking so you can grow.
Read more
This is a tough one because there are only so many hours in the day. While you may not be able to sit down to read an inspiring autobiography or full book from a top marketer sharing “all their secrets,” you should find time to read the news and other relevant industry publications. This will help you stay up to date on the latest industry and technology trends as well as keep on top of what is happening in the world around you. A word of caution as the world can seem heavy these days, so if you find yourself down a rabbit hole of negative news, then it’s best to switch gears.
Aim to learn something new every day
You don’t have to do a webinar every day but try to learn at least one new thing every day that is relevant to your current need. If you are struggling with Instagram, learn something new about how to fix your issue. If you aren’t sure how to write better content, read something about that. And it doesn’t only have to be reading. You can have a conversation with a peer or a mentor, listen to a TedTalk, listen to a podcast, watch a YouTube video, the list goes on. The key is prioritizing learning so you can work towards your goals.
Don’t feel pressured to jump on every trend
This can be hard because it might mean watching others succeed around you and having to squash the feeling of FOMO (fear of missing out). The reality is there are some trends that will come and go and there are also some trends that won’t be right for your business. If you’re considering a new technology that will help deliver your product or service, it’s important to do your research and make sure it’s the right investment for you.
BTW the same can be said for trending content on social media. Not every social media challenge or trend is going to fit with what you do. So you need to make informed decisions based on that business plan you wrote down that includes all those details about your target audience and what will resonate with them.
Create content that your audience will find valuable
Algorithms aside, marketing will always be about communicating value and providing valuable content. Your social media feeds don’t have to be perfect, but they do need to resonate with your audience. Your blogs don’t have to get published daily, but they do need to provide golden nuggets of information that will interest people. You get the idea – value trumps all.
Create content for the platform
No one said social media would be easy. You’ve got a lot of things to do and sometimes it can feel like ONE. MORE. THING. I will always maintain you don’t need to be on every platform, but the platform(s) you pick you need to do well. That means creating content for the specific platform. If Instagram wants reels, give it reels. If you shouldn’t post a million hashtags on Twitter, then don’t use the same content you post on Instagram. If you need to post twice a day to grow on TikTok, then post twice a day to grow on TikTok. Learn as much as you can about your marketing channels and then move forward by giving yourself the best chance at succeeding.
Don’t bite off more than you can chew
You might think you need to do it all, but that’s not possible most of the time. There are only 24 hours in the day and if you give yourself enough tasks to fill 36, something’s gotta give. You either need to cut back or you need to hire someone to help. It can be easy to burn out and if you are feeling overwhelmed, even the thought of keeping up with changes around you can send you over the edge.
If you’re frustrated because you feel like you’re not keeping up, you’re not alone! And the best way to work through it is to talk it out. Book a free 20-minute consultation with me and we’ll figure it out together.