Tuesday, September 10, 2013

Know Your Competition

(0:49) I've often promoted the importance of managing your reviews online - working positive reviews, handling negative ones, getting more reviews, and having a review strategy. I believe that the advent of online customer reviews is a huge benefit to quality businesses. They are critical to your success as digital reviews have surpassed traditional word of mouth in customer decisions.

(0:37) There's another benefit of online reviews that I believe is too frequently overlooked: checking out your competitor's reviews. Knowing what your competition is doing well and where they can improve is almost as valuable as your own ratings.

(0:30) Finding out what boaters like about other marinas can cue you into changes you should consider at your marina. It could be something new and innovative, or just a small touch that you've overlooked or forgotten. There's no shame in copying a successful idea or using it as an inspiration for your own unique twist.

(0:23) It's also important to note what your competition is doing poorly. This can reveal the competitive advantages you have. Or it can highlight a service or amenity you should add to give you a leg up.

(0:17) By combining the information customers are providing in all nearby reviews, you can form a picture of what's important to your customers. This provides you with guidance about the features to promote, the capabilities to improve, and can even help you decide if you're spending money on the right things.

(0:07) By keeping an eye on all reviews coming from your potential customers, you can make better decisions, spend your money more wisely, and capture more business.

(0:02) And that's the marina minute.