In any business it is essential to keep an eye on your competition. You need to know who your competitors are, how many of them are out there and how they operate in order to stay ahead. As an estate agent, staying above the competition is particularly hard, especially as there is a lot of it. We have put together 5 reasons to keep an eye on your competition and how to do it so that you can always stay on top.
Here are our top 5 reasons to keep an eye on your competition:
Find out what to do
Carrying out a competitor analysis will enable you to distinguish what else your company should be doing. Take note of what your competitors are implementing well and create a strategy to take it one step further. Perhaps your competitors are offering 360 images of the properties they are selling? You could take it to the next level by offering a live video tour of your featured properties or even have an aerial view of the property using a drone. Just think, the more information your user has, the more likely they are to make an enquiry.
To save time, rather than constantly checking out your competitors, be sure to set up an alert for your competitors name using Google Alerts. This way you will receive email alerts on anywhere your competitors are mentioned on the web.
Find out what not to do
Watching your competitors can not only show you what to do best but it can teach you what not to do. Monitoring your competitors online marketing efforts and the property industries main market players will allow you to form a cost effective strategy avoiding any risk of bad reputation and branding mistakes.
Identify Market Opportunities
Need more ideas? Then why not look at your competitors content? Looking at your competitors website and their brands awareness will give you the inspiration you need to come up with bigger and better ideas. Want to offer top tips but can’t think of anything? Check out other property blogs and use their ideas to come up with a more exciting idea.
Spend some time looking at any client comments of your rivals brand, this could provide very useful feedback on any missing market opportunities, filling in the gaps of your company and provide an even better service.
Keep an eye on Social Media
Social Media is at the forefront of many companies marketing strategies. Following or regularly checking your competitors social feeds will enable you to get a better understanding of what brand image they are trying to portray. Social Media is also a great source of information, you can follow your competitors followers with ease and see exactly what they are up to on a day to day basis.
If you are worrying because your competitors don’t operate on social media, then don’t! If you’re active on social media and your local competitors aren’t, you already have the upper hand.
Generate leads from unhappy customers
Being nice and letting your competitors walk all over you is no way to succeed in the business world. If you find that a lot of your competitors clients are unhappy with their service, take this as an opportunity to persuade them that your service are much better. Did you know that 78% of customers have bailed on a transaction or not made an intended purchase due to bad service? Lets face it, your competitors have already lost the business and they would probably use this tactic on you.
Want to know more? We are now offering a free competitor analysis! Contact us for more information>>