Part 7 of 10
Business owners previously had to visit their competitors to see what they were up to and how they were doing. Fortunately, with the booming popularity of social media, those days are long gone. Business owners can simply log onto any number of social websites to see just what they are up against.
Being aware of your competition is helpful in a few different ways. The first way is because it helps you see what unique things a competitor is offering their customers. While it is never a good idea to blatantly copy another business, this will keep you updated on new products, services, or advertising ideas that you were previously unaware of. Social media also helps you stay up to date on promotions and sales that your competitors are offering, which will help you offer your customer competitive prices and avoid losing business.
Social media can also help business owners build relationships with their competitors and other local businesses. This will keep the lines of communication open for possible future collaborations and business deals. Just because another business is your competition, does not mean you can’t be a follower, fan, or friend.