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28 Jul 2017
Sticky Post By Posted in News, Take It From The Pros Permalink

The Rise (and Rise) of Branded Podcasts

Sticky Post By On July 28, 2017


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Are podcasts the new blogs? Judging by the way brands and publishers are doubling down on podcasts, it seems like we may have already crossed over into the next content frontier.

For years, listeners have tuned into podcasts to hear crime anthologies and pop culture analysis, but podcasts are no longer a niche corner of the content market controlled by NPR, they’re going mainstream with the help of major brands. Every brand, regardless of vertical, is endlessly concerned with developing new strategies for carving out audience connections. In this age of content overload, brands have the unenviable task of determining how to create content that actually cuts through all of the noise on the internet.

Related: How to Make a Fun (and Profitable) Podcast for You and 10 Million of Your Closest Friends

With more content to consume via blogs, editorial websites, social platforms, YouTube, etc., internet audiences have less patience for material that is not engaging or immersive. Many consumers don’t have the time (or will or energy) to read long-form articles and essays. Instead, they’d rather see, or hear, the subject matter being presented for them. As a result, podcast consumption is on the rise. Entrepreneurs, especially, are voraciously consuming podcasts as a means of gleaning new ideas and inspiration for business solutions.

According to a recent Edison Research study, an estimated 67 million people have listened to a podcast in the past month.

Like the blogging boom that came before it, the beauty of podcasts lies in their inherent accessibility. In theory, anyone can produce a podcast and amplify their story. But as the podcast landscape becomes more saturated and entangled, taking the approach of simply recording and hoping for the best will not suffice.

Large organizations, including eBay and GE, are not riding the podcast wave lightly. The reason why their branded podcasts, Open for Business and The Message, respectively, have achieved such praise and success is because these organizations made the decision to partner with experienced podcast producers to get it right. It would have been easy enough for GE to simply set up its own audio initiative in-house and stake its claim in this corner of the content market. But GE didn’t want to produce a podcast for the sake of producing a podcast, it wanted to leverage this medium as a way of bringing a new dimension to the GE brand identity and, ultimately, breathing new life into the company.

Related: The 24 Best Podcasts for Entrepreneurs In 2017

By partnering with proven audio storytellers, GE was able to rely on Panoply’s expertise in creating a narrative that not only supports that unique medium, but also challenges GE to explore new ways to tell a story and engage an audience. With the help of Panoply, GE was able to deliver a new-age sci-fi anthology, reminiscent of War of the Worlds that successfully attracts audiences without overt promotion.

Understand your audience.

Podcasts are giving brand marketers the opportunity to think and create outside of the box. However, just because this growing medium is expanding the parameters of branded storytelling, it does not mean that brands can abandon their identities altogether for the sake of telling an interesting story. The only way in which branded podcasts work is when there is a perfect marriage of brand voice and story.

As a digital market and auction place that has helped many earn side incomes, eBay understands that its users and followers are interested in side hustle and entrepreneurial success stories. Its podcast, Open for Business, connects with eBay’s target audience because it explores real stories of what it takes to open a business and bring entrepreneurial dreams into fruition. The content is informative and inspirational, but it is also highly relevant to eBay’s core demographic. The company made the choice not to just stamp its name on a knockoff version of Serial because they knew that type of content would be too disconnected from eBay’s corporate identity.

Related: Podcasting Success Tips From 3 Top Female Entrepreneur Hosts

If media analysis and patterns can be trusted, then we’ve likely only just began to uncover the power of podcasts for brands. In fact, industry experts predict that branded podcasts will have doubled by the close of 2017. When executed correctly, podcasts enable organizations to think beyond their current storytelling pillars, and expound on new ways to forge deeper audience connections. But before you invest in new audio equipment and tease your production to your current audience base, you would be wise to follow in the footsteps of the brands that have gotten podcasting right, by taking the time to align with experts and explore content ideas and frameworks that actually relate to your core demographic.

Andrew Medal

 
Andrew Medal is the founder of creative digital agency Agent Beta. He has helped organizations like the California Education Department, Proctor & Gamble, Microsoft, Warner Bros. and Inc. Magazine. He has pro…



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25 Jul 2017
Sticky Post By Posted in Influencers, News Permalink

Why Brands Big and Small Continue to Fail at Influencer Marketing

Sticky Post By On July 25, 2017


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Seventy-eight percent of marketers who used influencer marketing in 2016 noted that calculating return on investment (ROI) would be a top challenge for 2017.

While many companies continue to pour money into SEO and social media, others have come to find that influencer marketing provides the greatest opportunity to move the needle. There’s only one problem: some brands, many of which are among the biggest in the world, continue to fail at influencer marketing.

Related: 12 Ways to Actually Get an ROI Using Influencer Marketing

I’ve been able to avoid this by implementing a targeted strategy with my eyes fixated primarily on ROI. Here are my thoughts on why many big brands are failing at influencer marketing, despite large budgets and dedicated professionals overseeing their campaigns:

1. They ignore niche influencers.

Big brands often fall into believing that “bigger is always better.” This isn’t true with influencer marketing. It’s often the niche influencers that have the biggest impact on reach, engagement and the bottom line.

Through the growth of Agent Beta, I’ve learned quite a bit about what does and doesn’t work in the world of influencer marketing. Spending all your time chasing top influencers is a waste. Focus on connecting with niche influencers who have a hyper targeted following.

Related: 10 Elements Needed to Create Effective Collaboration Between Your Brand and Your Influencer

2. They don’t spread the wealth.

Instagram, Instagram, Instagram. I hear it time after time. Instagram is the only place to be if you want to win at influencer marketing. I totally disagree.

When building my personal brand and companies, as well as assisting others, I’ve found it possible to achieve great success through other social platforms, such as Snapchat. Every platform calls for a unique approach in order to succeed, but it’s well worth it in the end.

3. They don’t learn.

In some ways, this goes along with point one. Big brands fall into the trap of collaborating with anyone who has a large following. Some don’t even take the time to learn more about the influencer’s approach.

Related: How One Entrepreneur Worked with More Than 300 Influencers Last Year

My strategy is simple. Before I ever reach out to an influencer, I review every last detail of their social platforms. This includes a thorough review of any campaigns they’ve run in the past and how they communicate with their audience. This approach gives me a clear idea of what I’m getting into, instead of taking a shot in the dark.

If you want to succeed at influencer marketing — something that many big brands are unable to do — you need to avoid the many mistakes that these companies continue to make.

Andrew Medal

 
Andrew Medal is the founder of creative digital agency Agent Beta. He has helped organizations like the California Education Department, Proctor & Gamble, Microsoft, Warner Bros. and Inc. Magazine. He has pro…



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20 Jul 2017
Sticky Post By Posted in Bootstrapping, News Permalink

10 Ways to Preserve Cash as a Bootstrapped Startup

Sticky Post By On July 20, 2017


As a startup founder, the term “runway” has an entirely different meaning than what most people think of when they hear the term. For those unfamiliar, runway refers to the amount of capital on hand before a startup goes bankrupt. Usually, the runway is measured in months.

For bootstrapped startups (meaning ones without venture capital funding) running out of runway can be a serious problem that limits the decisions leadership can make. Fortunately, there are strategies bootstrapped startups can implement to save money.

1. Reduce operating costs by working remotely.

For anyone who has calculated important business metrics like CAC (customer acquisition cost) or CTS (cost to serve), you will know just how hard it is to reduce fixed operating costs. One way to alleviate these costs is by creating a company that employs remote workers. Rather than needing to provide workers with office space, computer equipment, snacks and coffee, founders can avoid these money draining costs.

Related: All the Crazy Ways This Entrepreneur Saved and Earned Money to Finance His Startup

According to a Gallup poll on the state of the American workplace, 31 percent of employed Americans work remotely 80 to 100 percent of the time. This is a 7 percent increase compared to findings from four years ago. In short, working remotely is a phenomenon embraced by businesses and employees alike. It can be a great tactic for reducing overhead and therefore preserving cash.

2. Make frugality a company value.

In the mid-1990s when Amazon was just getting started, Jeff Bezos and crew worked on the floor in a 400-square foot warehouse. Bezos and his team decided that they needed desks, but being the frugal and resourceful entrepreneur that he is, Bezos decided to build desks out of doors and four-by-fours rather than purchase expensive office desks.

Today, Amazon lists Frugality as one of the company’s 14 core values. To perpetuate this value, Amazon gives out the Door Desk Award to recognize employees who save the company money in smart and sustainable ways.

3. Prioritize profitability over growth.

Today, both public and private companies tend to prioritize growth over profitability. Founders of all kinds are constantly in search of the hockey stick graph that shows all numbers moving up and to the right on a steep slope.

But growth has its costs — one big one can be profitability. For founders struggling to preserve cash, switching to a business model that leads to profitability sooner rather than later may be a smart decision. Venture capitalist Fred Wilson wrote that biasing toward profitability can also improve business decisions generally: “I also think the profit motive, generating more revenues each year than the expenses you are spending to do that, is a really valuable constraint on a management team. It forces them to think creatively and logically about the investments they want to make.”

4. Take advantage of tax breaks and incentives.

Some states have recently created tax incentives to encourage innovation. Founders should be sure to spend time researching what tax breaks their business may qualify for to preserve cash. In New York State, for example, startups that open an office on or near a college campus may be eligible to operate tax free for 10 years.

In addition to tax incentives, some government agencies such as the Small Business Administration (SBA) offer grants and seed funding to startups working on exciting research projects. According to its website, the organization has contributed more than $2 billion to startups working on promising ideas.

5. Only hire top talent.

All-star employees can handle the workload of 1.5 or two normal employees. Therefore, it may make sense for founders to focus on hiring top talent. While supremely talented employees may command top-dollar, it can still be more cost effective to hire fewer but more talented employees. For founders who are strapped for cash, many early hires are willing to accept stock options in place of high salaries. This can be a good short-term strategy to preserve cash while attracting top talent.

Related: 6 Ways to Save Your Business Thousands Each Month

6. When possible, hire contractors instead of full-time employees.

Freelancers or contractors provide businesses with a more scalable workforce. As a bonus, these employees usually don’t expect the traditional benefits businesses must provide when hiring full-time employees.

Even Facebook and Google, companies that have plenty of cash on hand, have recently hired armies of contractors to manage various important tasks such as online moderation.

7. Build an amazing internship program.

Interns, as opposed to full-time employees, are less expensive to hire and require fewer benefits. They can also make a meaningful impact on your business. If founders time the hiring process correctly, they can land a few highly talented interns from top universities who will invest months of their time in exchange for experience, strong mentorship and good recommendations.

Founders interested in hiring interns to reduce costs should ensure they have a strong pipeline of candidates by doing some recruitment marketing. Once hired, it’s important that interns go through a thorough training program to ensure they will be productive as quickly as possible.

8. Delight customers to create word of mouth.

New customers referred to your business have very low acquisition costs. Businesses such as Dropbox and PayPal could rely on word-of-mouth marketing to attract new customers because it was highly cost effective. As a result, both companies were able to scale effectively while keeping acquisition costs low.

For founders interested in developing word of mouth, a great way to begin is by creating delightful customer experiences for existing customers. By going beyond to “wow” customers, founders are planting the seeds of new business.

9. Master organic search to reduce CAC.

Customer acquisition cost or CAC is one of the most important metrics every business must grapple with. The higher CAC is, the harder it will be to preserve cash and scale the business in a responsible way. However, the lower CAC is, the easier it is to make a profit and to, therefore, invest more in attracting new customers.

A great way to lower CAC is by mastering organic search as a marketing channel. Unlike other mediums such as paid search, display ads or paid social media, an organic search strategy can be successfully operationalized on a limited budget.

To get started, founders should consider implementing the “skyscraper technique.” Using this strategy, marketers produce content that targets increasingly short tail keywords to grow awareness, traffic and ultimately, customers.

Related: 5 Components of Bootstrapping a Business

10. Monetize content just like Airbnb.

During the early days of Airbnb, the company was struggling. In need of cash, founders Brian Chesky, Joe Gebbia and Nathan Blecharczyk came up with a side project to make some quick cash. During the 2008 presidential campaign, Airbnb released Obama O’s and Cap’n McCain’s — cereal boxes that were sold for $39 apiece. The company sold 1,000 boxes of the commemorative cereal and made enough money to continue working on the business. Today, Airbnb is valued at $31 billion.

Cash strapped companies can consider creating an on-brand side project that allows the business to create cash flow while helping to spread awareness of the company’s main product offering.

The early days of any new business can be financially trying. For founders hoping to preserve cash, there are a few different tactics that can be implemented to save money while growing the business responsibly.

Andrew Medal

 
Andrew Medal is the founder of creative digital agency Agent Beta. He has helped organizations like the California Education Department, Proctor & Gamble, Microsoft, Warner Bros. and Inc. Magazine. He has pro…



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27 Jun 2017
Sticky Post By Posted in News, TED Permalink

10 Must-See TED Talks for Entrepreneurs

Sticky Post By On June 27, 2017


The internet’s accessibility makes it a great resource for learning. In the past, those in search of knowledge had to wade through long blocks of texts. These days, pictures, videos and a host of interesting graphics keep our attention focused on the content. 

Some of the most valuable online resources in recent years have been TED talks. Here are my 10 must-see TED talks for entrepreneurs.

1. Cameron Herold: Let’s raise kids to be entrepreneurs.

According to Cameron Herold, founder of COO Alliance, the traditional academic system doesn’t cut it for a lot of younger students these days. They’re prone to boredom, conflict with peers and lapses in confidence due to poor performance. The problem, according to Herold, is the system. It’s time to revamp traditional teaching methods to embody a more career-oriented approach. In this talk, Herold describes how that could happen.

Related: The 10 Best Ted Talks of 2016, According to the Head of TED

2. Maya Penn: Meet a young entrepreneur, cartoonist, designer, activist.

Occasionally you come across an entrepreneur who possesses both business savvy and impressive artistic and expressive range. Maya Penn has those qualities in abundance. She chose an entrepreneurial career to enable her to explore all of her interests and share her skills with the world. In this talk, she describes how she assists her customers and the global community while staying true to her artistic calling.

3. Nirmalya Kumar: India’s invisible innovation.

We often overlook the inspiring and universal nature of entrepreneurship and innovation. Nirmalya Kumar embodies the deep connection between these two qualities. In this talk, Kumar discusses the potential of India as a center for innovation and presents his ideas about a “four set” invisible innovation that exists in India. The shift he describes from manufacturing jobs to management positions is based on his developmental model of entrepreneurship.

4. Majora Carter: 3 stories of local eco-entrepreneurship.

As the title of this talk implies, Majora Carter deals with the environmental role that local entrepreneurs play. The arrival of green energy is fast outstripping the costs associated with energy derived from burning fossil fuels. Carter suggests that responsible entrepreneurship should take the environment into consideration and adopt the necessary protective initiatives. She explains this in three touching and impactful stories.

5. Simon Sinek: How great leaders inspire action.

The CEO of a company is the shot caller. He or she is the person who hands down all the important decisions and guides the company to success. All great leaders have a common trait: they approach problems relevant to their operations in creative ways. In this talk, Simon Sinek suggests using a visual and comparative approach in evaluating why other companies may be more successful than your own. Room for improvement revolves around solving the key question “Why?” and acting accordingly.

Related: How the World’s Smartest People Learn Things Faster

6. Regina Hartley: Why the best hire might not have the perfect resume.

A rampant reliance on credentials is a serious issue affecting the ability of companies to hire the most suitable workers. Regina Hartley’s discussion of the vagaries of resumes is important because it highlights the unwritten parts of an applicant’s fit for a job. According to Hartley, the underdog with passion, purpose and grit may end up surprising you over the applicant with a stellar resume.

7. Philip Evans: How data will transform business.

It’s no use arguing or denying it — technology and data analysis are the next big things in business. In this talk, Philip Evans addresses the shifting nature of strategy and its relationship with technology. These changes and the uncertainties that come with them are threats to the stability of the current models of business strategy.

8. Josh Luber: Why sneakers are a great investment.

While this topic might appear peripheral to the issue of successful entrepreneurship, Luber’s perspectives on long-term investment and developing expertise through research embody some of the most essential attitudes an entrepreneur can have. By focusing on the niche area of sneakers, Luber offers timeless advice about return on investment. His advice is underscored by the success of his market-analytics company, Campless.

9. Dan Cobley: What physics taught me about marketing.

In this talk, Dan Cobley notes that marketing is primarily a numbers game. Just as physics relies heavily on mathematical logic, understanding marketing requires a profound engagement with the numbers. The real point here is that the relationship between physics and marketing cannot be understated, and Cobley’s mathematical approach to branding is a testament to that.

Related: Read Pope Francis’s Empowering Ted Talk Here

10. Didier Sornette: How we can predict the next financial crisis.

Entrepreneurs can become myopically focused on their business, to the exclusion of wider trends. Sornette’s talk gives entrepreneurs a perspective on the economy as a whole. In the United States, cycles of recession and prosperity are usually cyclical. It’s been 10 years since the last financial crisis, and Sornette thinks we might be able to predict industries that lean toward unstable growth in order to minimize possible losses. Sornette insists that maintaining awareness of macroeconomic trends is key for any entrepreneur.

Andrew Medal

 
Andrew Medal is the founder of creative digital agency Agent Beta. He has helped organizations like the California Education Department, Proctor & Gamble, Microsoft, Warner Bros. and Inc. Magazine. He has pro…



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20 Jun 2017
Sticky Post By Posted in News, Travel Permalink

10 Ways to Travel the World Without Breaking the Bank

Sticky Post By On June 20, 2017


Over the years I’ve had the privilege of traveling all around the world. While that may sound posh or even luxurious, I can say that my experiences are far from it. In fact, some of my best times traveling were when I spent the least. I know to some that doesn’t sound realistic, but believe it or not, you can see the world on a shoestring budget. Here’s how:

1. Book your flight months ahead.

This is a classic piece of travel advice, but also one of the most important that you could follow. According to Skyscanner, some of the cheapest months to book vacations are in November and May (during offseasons). Additionally, the earlier you book, the cheaper the flight will be. While it might seem like a lot of commitment to book this far ahead, the benefits it will serve in the long run will be tenfold (plus, you’ll have something to look forward to).

Related: Why Travel Should Be a Top Priority for Every Entrepreneur

2. Look out for package deals.

Package deals can be a great way to save money on a trip. Generally speaking, the reason why these deals exist is that they’re trying to sell a less popular item coupled with a very popular item. For this reason, I’ll say that you should do an extensive amount of homework before committing. But the value of finding a good one could be tremendous.

3. Go for transitional periods.

If you’re looking to travel to a specific spot, then transitional periods can be one of your best bets. Especially when it comes to places such as the beach or ski resorts, going in a period in-between seasons could save you big time. Not only will the weather still be enjoyable, but you could potentially avoid being around a huge group of other travelers. Additionally, as the overall rates are dropping for bookings, expect businesses and venues around the area to drop their prices too.

4. Learn to cook on the road.

Perhaps one of the biggest ways you’ll save (with or without traveling) is by cooking for yourself. It goes without saying that going out to eat is one of the quickest ways for a travel budget to evaporate, so cooking on the road is imperative. This will not only be a great skill to have for life (especially when it comes to buying groceries and preparing them efficiently), but it will make the times you do go out in your travels much more enjoyable.

5. Turn it into a work holiday.

Even if you’re not willing to shell out your paid time off quite yet, there’s still some alternatives for how you can use your work to travel. Consider convincing your boss to let you go to a conference (such as SXSW) or meeting abroad. While it will take a lot of legwork, the effort could give you that perfect break you needed.

Related: How to Work On a Flight With No Laptop

6. Aim to work remotely.

If you don’t think your work will let you do it, then consider possibly finding a remote job. Depending on what else you have going on outside of work, this opportunity could be one of the best experiences of your life. Additionally, there’s a lot of great programs out there to help you do it, such as Remote Year.

7. The more, the merrier.

An excellent way to save money is by having other people come along for the ride. While this largely depends on who you feel comfortable traveling with (as well as for how long), consider bringing a group together to cut costs down.

8. Barter your way up.

Although it might sound silly, trading with other travelers can be a great way to save money. You never know who might be willing to host you in exchange for you doing the same. Additionally, certain things can go far on the road, so don’t discount what you and others find valuable.

9. Avoid tourist traps.

I’m not saying don’t visit popular attractions, but it’s important to note that when you’re traveling, there’s entire marketing schemes and ploys out there to get you to shell out that extra money. Plain and simple — go to see what you wanted to see, and that’s it. Don’t get suckered into the excess “just because you’re on vacation.”

Related: These 10 Countries Will See the Most Business Travelers in the Next Decade

10. Focus on what’s free.

The world is filled with things you can do that are 100 percent free. If you work from there and establish your upfront costs as to what you find valuable, you can not only travel for a long time but see some of the most incredible sights you’d ever imagine. I know it’s cliche to say “the best things in life are free,” but in this case, it’s true.

Andrew Medal

 
Andrew Medal is the founder of creative digital agency Agent Beta. He has helped organizations like the California Education Department, Proctor & Gamble, Microsoft, Warner Bros. and Inc. Magazine. He has pro…



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16 Jun 2017
Sticky Post By Posted in News, Personal Improvement Permalink

How Solitary Confinement Gave Me Clarity

Sticky Post By On June 16, 2017


For most people, getting sent to prison would feel like the worst possible life scenario. For me, it was the most defining moment of my life. 

Hear me out: I’m not recommending prison. But being forced into an adverse situation and spending months thinking about my past actions and mistakes encouraged me to take pause and truly consider what it was that I wanted out of life.

Related: Why Negativity Ruins More Good Ideas Than Anything Else (and 5 Tips to Avoid It)

Judging by my own personal experiences and by the experiences of those I spent time with in prison, when an individual is on the wrong life path it is incredibly difficult to jump off it without the help of an outside force. For years I knowingly made mistakes, but I also convinced myself that I was simply playing the hand I had been dealt — that I would never amount to anyone more than someone on the wrong side of the law. But getting arrested actually brought new freedom into my life and set me on a new path toward positive change.

Going to prison served as a physical and mental fracture point from my old life. In many ways prison wasn’t as much of a punishment as it was a second chance and a new lease on life. Here are a few ways my time in solitary confinement introduced stronger mental health and clarity into my life.

I sat with my thoughts.

One of the reasons why so many people struggle with solitary confinement is that sitting by yourself, with nothing to distract you but your own thoughts and ruminations, is punishing — especially if your life has been fraught with mistakes. I can’t lie: the first few weeks of solitary confinement were agonizing. Somewhere along the way, however, I realized that instead of trying to distract myself from the discomfort of my own thoughts and judgments, I should embrace them and move through the experience, rather than around it.

Sitting in silence day in and day out forced me to develop a personal meditation process and enhanced my mental stamina. After a few weeks I no longer wanted to crawl out of my own skin, and instead learned how to find peace with myself and forgiveness for my past actions.

Related: You Can Train Your Mind to Be More Positive: Here’s How

I practiced positivity.

When you are subjected to solitary confinement, you have two options: either let the silence and isolation destroy you, or let it empower you. After a few weeks of spiraling down, I made the conscious choice to grow from my situation. I told myself I would not let solitary confinement define the rest of my life and similarly, I would not allow my previous mistakes to dictate the entirety of my future.

It was at the this time, sitting in a mediation day in and day out that I finally found positivity — for the first time in my life. I searched for things to feel grateful for and focused on those things over the negative ones. Today, choosing to see positivity over negativity remains an integral key to my daily success.

I explored new ideas.

To say that solitary confinement took me out of my usual routine is an understatement. For years, I operated with a destructive, one-track mindset and never took the time to explore new ideas and opportunities out of fear of failure. During my solitary confinement days, I spent my time writing and reading. Together, these these daily activities set me on a path to success.

Related: 6 Actions You Can Take Every Day to Build Your Self-Confidence

Through reading I was able to explore new career paths and philosophical ideas. Through writing, I was able to effectively organize my thoughts and goals and devise a plan for success. Committing myself to these daily activities taught me a sense of discipline I had never known. Additionally, they also gave me hope to hang onto even in the bleakest moments.

Solitary confinement taught me that life is all about perspective and attitude. It would have been easiest for me to spend my time in isolation wallowing in my own self-pity and mustering anger for the world around me. Instead, I flipped the switch and developed new habits and mindsets that have served as the building blocks to my entrepreneurial success.

Andrew Medal

 
Andrew Medal is the founder of creative digital agency Agent Beta. He has helped organizations like the California Education Department, Proctor & Gamble, Microsoft, Warner Bros. and Inc. Magazine. He has pro…



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09 Jun 2017
Sticky Post By Posted in Competition, News Permalink

3 Reasons You Should Spy on Your Competition

Sticky Post By On June 9, 2017


When strategizing and contemplating your next business endeavor, it’s easy to think you know everything about your product or service. After all, you’ve probably been perfecting your venture for a substantial amount of time.

However, at some point, having enough resources or experience with your product will not be enough. Successful businesspeople understand not only their product but also the respective market as well. If you don’t understand your market and your competition, your venture is sunk before it’s even afloat.

Related: 3 Reasons to Start Copying Your Competitors Today

One of the best ways to thoroughly understand your market is to take a look at your competition. By not spying, you are at a significant disadvantage. Here are three reasons it’s a good idea to spy on your competition.

1. It’ll help you prepare.

Without spying, it’s impossible to know what you’re up against — as a result, you can’t completely prepare. You might be able to make sure that everything you control is market-ready, but if you don’t know what your competition is doing, you could find yourself in a precarious situation.

In the world of AdWords, for instance, spying is imperative to ensuring that your ad stays in the most visible spot on the page. If you’re monitoring your competition’s actions, you’ll know right away when it’s time to respond in order to keep your ad visible. There could be a long delay in time before you realize what is going on, and that delay could be the difference between a success and a failure.

Related: 4 Ways Small Businesses Can Compete Against the Major Competitors

You can also track your competitor’s AdWords to see what happens after the initial click to gather even more data. You can spy on whether potential customers are taken right to the competitor’s website or to a landing page tailored to elicit more consumer interest in the product. If your spied-on sample size is big enough, it should be fairly simple to determine if something like that would be beneficial for your business, allowing you to truly prepare your product for launch.

2. It’s easy to do.

Don’t be discouraged from spying on your competition by assuming that it is daunting or resource intensive. By looking at your competition’s websites, social media posts and existing ad campaigns, you’ll be able to see what they’re doing — what works, what doesn’t work and what would work better with a different approach.

If spying still seems daunting, automated tools can further ease potential burdens by helping you gather and interpret enormous amounts of web data concerning your competitor quickly and accurately. For example, Mention lets you set up notifications for whenever your competitor’s name is mentioned anywhere on the web.

Related: The Secret to Outpacing Your Rival? Competitive Insights.

3. It would be wasteful to not spy.

Speaking of wasted resources, without spying on your competition it’s very easy to waste time trying to find your ideal market and your reach. Finding outlets that want to work with you and distribute your product is initially one of the most time-consuming and necessary elements of building your business. Therefore, it makes sense to spy on your competition so you can improve on their efforts, including what they’ve done regarding marketing and reach.

Just as an apprentice learns from a mentor, you can learn from what your competition is and isn’t doing so you can avoid pitfalls that have probably cost them a lot of time and money.

Andrew Medal

 
Andrew Medal is the founder of creative digital agency Agent Beta. He has helped organizations like the California Education Department, Proctor & Gamble, Microsoft, Warner Bros. and Inc. Magazine. He has pro…



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