There is a thought in business and marketing that suggests even mentioning the competitor’s name in a commercial is a no-no. While this may be a valid idea when you don’t want your audience to find out about a competitor, but the truth is, they already know – why not be open and honest about the fact that the competition exists.
Sharing your competitor’s information can advantage you if you share it the right way at the right time.
When They Provide Good Information
If your competition has created some really great information that your customers will benefit from, there is no point hiding it—most people who care about topic research it more than once and eventually find the info.
But, and here’s the kicker – if you can show that there is no reason for them to do any research because you’re always going to point out any new ideas yourself, they’ll stop because they’ll become very trusting of your ability to deliver the info needed.
When You Want to Point Out the Facts
Another reason to share your competition’s information is to point out facts that you want to discuss. Either the data in question is right, or it has problems. Either way, an honest discussion of the facts and the share can help showcase your expertise while using their information as the basis of your information.
When You Want to Show Leadership
Leaders in any industry enjoy researching with their competitors because it helps them think differently. We get stuck in our own boxes and frame of mind. Keeping an open mind to the competition can turn you into a thought leader if you regularly share your thoughts about the day’s trends in your industry.
When the Competitor Is Well Known
If a competitor is already well known, the audience already knows about them. There is no reason to try to hide their existence. Instead, it’s fun to acknowledge them as a means of showing your confidence about where you stand with your customers.
When You’re an Affiliate
Creating multiple streams of income is one of the best ways to avoid being overworked and underpaid. Joining your competition’s affiliate programs is a great way to earn money when your customers decide to try something new without doing any work.
When You Want to Increase Trust
One of the biggest problems customers talk about regarding businesses today is that they don’t trust the business. If you want to increase trust, sharing information openly with your competition and from your competition will make them feel as if they can trust you more.
When You Want to Learn More
If you read a great article from one of your top competitors and you really enjoyed it, sharing it with your own commentary is a great way to help you learn more about the topic. The comments you’ll generate will be educational, as will the research you’ll be forced to do as you work on your commentary.
When You Want to Become the Go-To Source
One of the best ways to become a leader in an industry is to become a go-to source of information. You’re not responsible for creating all the information in a given industry. Instead, you can compile industry and customer information all in one spot to become the go-to source of reliable and factual information in your niche.
Mentioning and referring to your competitors is honestly the best way you have for differentiating yourself and even becoming the trusted go-to source of information analysis in your industry. If you’re confident in your ideas and information, there is no reason to hide your competitors. You can use them as a way to showcase your own business if you share strategically and at the right time in the right way.