How To Research Your Competitors

Introduction 

You can improve your company and make it better by looking at what they do well and where they fail. This article will show you how to research your competitors in order to enhance your business.

How do you research your competitors? 

Want to be in the lead of your market and niche? Here are 8 simple steps to guide you to do just that!

1. Know your competitor 

Imagine you are in a big race, and you have resolved to come in first place. But to do that, you need to have a good understanding of who you’re up against. Who are the runners that are known for their speed? Who are the ones that you should be keeping an eye on? It’s the same thing when you’re running a business. You need to know who your competitors are. Study them like a detective, find out what they’re good at and where they might be lacking. This way, you’ll be able to enhance your own business and give yourself the best chance of coming out on top.

Also, take a look at the keywords and links that lead to your competitor’s websites to get a sense of how well they use SEO. To see where they rank, carry out a search using an incognito browser. Remember that search engines display results based on many factors, so your rankings may differ from those of others. Although it is tough to know your exact position, you can get a sense of how you stand against your competitors.

2. Determine their online presence 

A competitor’s website is a good place to start when assessing its online performance. Begin by evaluating the company’s offerings and comparing them to your own. Is it simple to figure out what the company delivers in the first few seconds? Is there something special about it that sets it apart in a way that matters to customers?

You can see opportunities to outshine your competitors by answering these questions. Anything that they are doing well that you aren’t is something you should pay close attention to. You can then use this to compare and contrast the company’s branding to your own.

Also, most brands have accounts on social media. Observe them. Not only will you see how their brand’s identity has been distilled for channels where customers consume information in bite-sized chunks. You can also access their marketing campaigns. In addition, you can also check their mentions to see if they are using social media for customer service in many cases.

3. Know your competitor’s customers 

Imagine that you own a small clothing store and recently learned that your biggest competitor is a larger, more established chain store. You know that you need to up your game if you’re going to be able to compete with them, so you decide to start researching their customers.

One fun way to get to know your competitor’s customers is to go undercover! Pretend to be a potential customer and reach out to them through different channels such as email, social media, or even in person. Ask them questions about their experience with your competitor’s products or services, and see if you can gather any useful insights into their needs and pain points.

This is a good way to find out information and see how your competitor treats their customers and how they present their brand. You can also go to functions where their customers might be and talk to them or look at online groups where they might be active and see what they want or need.

4. Talk to your customers 

Customers are likely to be excellent sources of information regarding your competitors. Find out who they used before you and why they switched to you by asking them about the other options they found when looking for a service or product similar to yours. With this information, you’ll be able to capitalize on your advantages and make up for what your competitors are doing wrong.

5. Analyze their branding 

Branding is important for how customers see and interact with a business. To learn and get an understanding of your competitors’ branding, look at their websites and social media profiles. See what language they use, the images they share, and their overall tone. Look at their slogans and mission statements to understand how they want to be seen by customers. Use this information to make your brand and messaging unique from your competitors and focus on different topics to attract a different audience

6. Check out their advertising 

There is no one way to research the strategies your competitor uses to advertise their business. You can:

• Check out their social media pages and websites to determine the kind of advertisements they are running at the moment. Consider the targeting, messaging, and format of the advertisement.
• Study the ads that come up when you search for their brand name on Google. Pay attention to the ad copy they use and the search terms they are targeting.
• Find out if there is any sponsored content or advertisements on the websites or publications of specific industries. Pay attention to where and how often their ads are displayed.
• While you are skimming the internet or watching television, keep an eye out for their advertisements. Take note of the time slots, channels, and programs they advertise on.
• Ask family and friends if they have seen any recent advertisements from your competitor. Check to see if they can recall the specifics of the ads and their impact.
• Compare the website and social media pages of your competitor to your own, looking for keywords, buzzwords, and target audiences.

By following these steps, you will know everything about how your competitors advertise, like the websites they use, what they say, and who they advertise to. This will help you make your advertising plan and find ways to be distinct from them.

7. Research your competitors in events – Attend industry events 

Consider attending the same networking events and industry conferences as them to have more understanding of their strategies. Learn about their services and methods by speaking directly with their representatives. You might also get a chance to find out about their most recent deals and products at these events, which can give you an idea of how they plan to grow their business.

8. While researching your competitors, track your findings 

Tracking your competitor is important to the success of your business. If you notice during your research that your competitor is quickly altering their marketing approach, it’s a sign that its previous strategy wasn’t working. Pay attention to this type of behavior as it reveals that they have faced a setback. You should learn from their mistakes and avoid making the same ones.

Use a spreadsheet to keep track of your competitor’s findings. This is not a difficult process; all you need to do is monitor their activities over time to observe how they alter everything from pricing to marketing and promotional strategies.

Conclusion 

You will be able to get a clearer picture of your competitors and how you can position your company against them once you have examined all of these factors. Keep in mind that even the best players can’t please everyone. You’ll be able to see those opportunities and adjust your strategy accordingly if you research your competitors thoroughly.

Frequently Asked Questions