1-Min Quiz
STOP! You’re making a BIG mistake. This article is a countdown from the 5th Deadliest Mistake Entrepreneurs make to the worse one. It goes hand in hand with the 5 Deadliest Entrepreneur Mistakes Quiz (only takes 1-min).
Since this is a very common mistake with deadly repercussions, it’s very important to take the quick quiz, if you haven’t already, so you can see which deadly mistakes you are making. Take 1 min quiz here.
Introduction
Believe me, if you own your own business, you’re definitely making A LOT of mistakes, period. While mistakes teach us what not to do with our business, too many mistakes can be very costly.
It could cost you your time or even your whole business. In order of bad to worst, here are 5 of the top mistakes that most entrepreneurs make that often cost their business in the end.
Read till the end to discover which one is affecting your business most and how you can solve it now and save your business.
Not knowing your competitor’s strategies
It’s essential to know your competitors, their strategies and their weaknesses. This way, you can put yourself in a position where your business is less vulnerable to competition. It’s also important to understand what they’re doing that you aren’t and what they’re not doing that you are.
The goal here is to identify where YOU are getting left behind by the competition so that you can take advantage of those opportunities first!
Entrepreneurs don’t understand this…
Here is where it usually becomes the 5th deadliest mistake entrepreneurs make. Entrepreneurs do not understand that competitive intelligence goes beyond knowing who your competitors are or identifying their strengths, weaknesses and opportunities.
It relates directly to how you position yourself and your business after you find out those strengths and weaknesses. As an entrepreneur, it is vital to understand how this data will help you better communicate with your customers through every communication channel.
This method has become extremely valuable over time as well – especially when done strategically over time (aka funnel hacking). That’s how you turn the 5th deadliest mistake entrepreneurs make into a weapon that works for you, instead of against you.
3 Ways To Turn Your Competitors’ Strategies Into Your Weapon
1. Social Media
- Connect with each competitor on social media and learn what’s going on with them regarding their strategy.
- Keep tabs on what they’re doing and if they’re being strategic with their social media process.
- Observe how they interact with their audiences and how their audiences are interacting with them on social media.
- Think about their results and how they achieved them as you continue to innovate and create new products and services.
- Think about ways to leverage the information you’ve gathered to enhance your social media interactions, products and offers.
2. Website funnel “hacking”
Funnel “hacking” is finding a winning competitor strategy and entering into that competitor’s sales process as a potential customer to find out how they turn strangers into customers and recreating a similar strategy for your business. Do this by:
- Sign up on your competitor’s websites to see what unique offers they are providing their clients (possibly your clients) if any.
- Sign up for these offers and see their processes and how they are handling clients when they sign up and what messages they are sending.
- Track their website traffic by using a free website tracker called Ubersuggest to see how many visitors they are getting to their site and what keywords are driving those visitors.
- Refine their strategies and recreate (not duplicate) what is working, mixing in your own unique twists. If the wheel is not broken, why change it right?
3. Create a competitor strategy
Not knowing your competitor’s strategy is detrimental to your business because I assure you, they already know yours. That’s like you are in a relay race and you pass the baton to your competitor and start yelling “Go!” just like Asafa Powell did with Usain Bolt.
This is why it is important to “funnel hack” your competitors so they can pass the baton to you instead. It’s important to stalk them on Facebook & Instagram (ethically that is) and learn as much about their strategy as possible. You may not be technical enough or even know the first place to begin.
How PTS Marketing Can Help
That’s where we come in. PTS Marketing understands the entire “funnel hacking” process from gathering information to running ads that directly drive your competitor’s customers to your door all under the radar. We understand that this may be new to you and difficult to do. So, let our experts help you Funnel hack your competitors in a free consultation here. If you have 15 minutes to spare and want to EXPLODE your revenue, book your free Revenue Explosion Consult now!.
We only have 100 spaces for free, then we will have to charge again. Quickly book your time below.
Up Next is the 4th Deadliest Mistake Entrepreneurs Make.
This mistake is why you feel so overwhelmed. Shh. It’s a secret.
We hope you have stopped passing your revenue baton to your competitors with these strategies. Click “Read Your 4th Deadliest Mistake” below to discover your 4th deadliest entrepreneur mistake and how to solve it now!
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