Paying Attention to Competition

By: First Union | Date:

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Paying Attention to Competition

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It goes without saying that understanding your competition is important. You're not necessarily looking to copy them, but you do want a solid handle on what they're doing, how they're promoting it, and how they might be faring. But there are other reasons for paying attention to the competition. At First Union, we've worked with numerous companies across a diverse array of industries—and we can tell you that knowing your competition is important in just about all of them!

It's not just about keeping up, it's about moving ahead. Staying on par with your competition is great, however, the key is to move to the forefront of your market. You don't want to get lost in the crowd, you want to be the leader of the pack. By trying to understand their moves and what strategies they're employing, you know better what needs to be done in order to surpass them.

Get a feel for their traffic. Online traffic is, of course, critical to any enterprise. Google the competition, check out their website, their social media feeds, get an overall sense of what sort of web presence they might have and consequently how much traffic they may be drawing in. Then you'll have an idea of what you might be able to do to keep pace.

You can see what may not be working. There's nothing that says your competition is stronger than you. In fact, from time to time you might be able to spot weaknesses, campaigns that flopped, marketing efforts that didn't deliver. Then you'll know what sort of traps to avoid.

Of course, you want to focus on your strengths as a company and performing to the best of your ability. But that's certainly not to say, that understanding your competition can't help you in the long run with your advertising and marketing efforts in particular. If you have big plans when it comes to marketing this year, thus helping to ensure that you prevail over the competition, we would love to work with you! Our loan and line of credit programs can give you access to the cash you need for a more robust online presence. Call today and get the ball rolling!

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First Union Lending LLC is a dually licensed Lender/Broker with its main offices located at 4900 Millenia Blvd First Floor Orlando, FL 32839. First Union Lending LLC and its ads are meant for continental United States, including Alaska and Hawaii small business owners. Business Loans offered by First Union Lending LLC have varying rates and terms that can range from 30 - 120 payments and all rates and terms are based on eligibility of the business and its owners. The actual terms are based on credit, business history, industry, amount and terms. As an example, a $5,000 loan paid over 5 years at 8% would have a total repayment of $6,082.92 over the life of the loan. We use the latest encryption to protect sensitive information transmitted online, as well as run our own secure server network to ensure your information is protected offline as well.

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