How to Conduct Competitor Research for Your Business​​

Introduction

Competitor research is an integral part of any marketing strategy. All businesses, big and small, need to do it. Competitor research is not just about knowing what your competitors are up to, but also about understanding what the consumers want from your industry.

This research can help you understand the ways in which you can differentiate your business from the competition. You will also be able to understand where there are opportunities for growth and innovation in your industry.

What makes trademarks different from copyrights and patents?

Competitor Analysis is a term used to describe the process of studying the strategies, strengths and weaknesses of a company’s competitors. This can be done in order to determine how well a company is performing in relation to its rivals.

The first step in competitor analysis is to identify who your competitors are. This can be done by using the following resources:

• Internet search engines
• Company websites
• Industry associations
• Trade journals
• Trade show directories
• Associations and trade groups

Competitor research is a process that can be done in many ways. One of the easiest ways to do this is by using a competitor analysis checklist. This will help you break down the research process into a series of steps that are easy to follow, and it will also ensure that you don’t forget any important details.

The first step in competitor analysis is to identify your competitors. You can do this by using tools such as Google or Spyfu. However, it’s important to note that not all competitors are created equal – some may be more lucrative than others, so you should narrow down the list of potential competitors based on how relevant they are to your business.

Once, you have a list of likely competitors, you should then take note of their company name, website URL, and social media profiles like Facebook and Twitter handles. Once you have this information, it’s time to do some research on them so you can get an idea of who they are as a company and what their business model looks like. Furthermore, you should look for their strengths and weaknesses so you know what areas might be best for your own business to compete with them in the future.

Why is it important to research your competitors?​

Researching your competitors is essential to the success of any business. It will allow you to see what they are doing, how they are doing it, and how you can do it better. Proper competitor analysis can provide you with vital information to ensure that your business stands out in a saturated market and will allow you to:

• Identify the unique value proposition your product
• Evaluate the strengths of your competitors
• Understand your competitors’ weaknesses
• Pinpoint what is missing in your competitors’ offerings
• Determine pricing strategies
• Establish a benchmark to measure your growth

How to conduct competitive analysis​

Competitor research is a critical step in the process of developing a marketing strategy. It can help you understand your competitors’ strengths and weaknesses, as well as the market dynamics that are impacting them. Researching your competitors is a great way to see what they are doing that you may be missing out on. It can also provide you with ideas for new marketing strategies.

1. Identify your competitors​

The first step in conducting competitor research is to identify your competitors. You may have some idea of who they are, but it’s important to get an accurate list of all their brands or company names. This can be done by going to Google and typing in the name of your industry followed by “competitors”. For example, if you work for a pizza place, you would type “pizza competitors” into Google. You can also use social media platforms such as Facebook or LinkedIn to find out who the top players are in your industry.

Another popular way to do competitor research is by using a research tool like Ahrefs or SEMrush. These tools will help you find all of the valuable information about your competitors such as their backlinks, keywords, and traffic sources. In order to make sure that you are getting accurate results, it would be best to use one of these tools in addition to other methods such as Google search, social media, and industry associations.

2. Investigate your competitors’ products or services

The next step is to analyze their product and service offerings so that you know what you’re up against, and to determine if there are any related lines of products or services that you have not yet considered. Pay close attention to, and make not of, the quality and pricing of their offerings, as well as any discount strategies they may implement. Determine who their customers are, and evaluate the category and size of their market share. Finally, take a look at how they market themselves (their logos, slogans, etc.). This will give you an idea of what marketing tactics have been successful for them in the past so that you can try them out on your own business!

3. Execute a competitor sales analysis

To better understand a competitor’s sales tactics, you can look in their annual report. If they are publicly traded, then this is easy. If they are private, you will have to use some ingenuity to find out more about their sales tactics.

You can start by interviewing new customers who recently came to you instead of a competitor. What sorts of questions do you want answered about your competitor’s sales tactics? In an ideal world, some questions could include:

• How do they sell to clients?
• What makes a consumer buy a product or walk away? The answer to this question is the same as to “Why do they attract or lose customers, and what stops or promotes their buying?”
• Are the company’s numbers looking healthy and is there room for them to grow in the future?
• Do they offer partner-selling programs as part of their offering?
• Do they regularly discount their products or services?
• What are their locations and how might it give them a competitive advantage?

You can also find relevant information about your competitors without using any external tools by visiting their website to see what they offer, or checking specific aspects of their social media channels.

4. Review your competitors’ pricing and offerings

One of the most important things for a business is to check their competitor’s pricing. How does your company’s price stack up? You can use this info to incentivize customers by competitively advertising, promoting, and selling more products or providing more services. To make your products more valuable to customers, a strong case for what you are providing has to be made at the point of interaction with your company. Superior workmanship may be one reason why they should choose your company.

Researching the current trends, news, and issues in your industry is essential. Check which perks your competitors’ offers. If they offer a free trial period or major referral discounts, it might be worth considering these tactical offers yourself.

5. Explore competitive shipping rates

For e-commerce businesses, shipping costs can often be a determining factor between a successful sale and an abandoned shopping cart. Companies can offer competitive shipping costs by using different strategies. One of the most popular ones is to offer free shipping on orders over a certain amount or by offering free or discounted shipping on certain days, such as during the holiday season. However, free shipping can be very attractive to customers but is often too expensive for small businesses to offer, even with many other attractive perks. There are also additional factors to consider, like the potential of receiving product damaged in transit or the risks of delayed delivery. For example, USPS offers competitive rates for certain mail classes and sizes. A service like ShipStation can streamline fulfillment processes, saving you time and money. With this in mind, there are many companies who offer competitive shipping rates for online shoppers looking for a bargain.

6. Analyze your competitors’ marketing strategy

Social media has increasingly become an important marketing channel, so if you want your business to grow, it would be a good idea to take note of which social media networks are being used and how they’re being used. For example, if some of your competitors are on LinkedIn and you’re not then it would be a good idea to start using the platform. Furthermore, if they’ve neglected social media altogether, that’s an opportunity for you to make an introduction.

Some questions to ask yourself while researching your competitors’ social media presence include:

• What type of content are they producing and how has it been liked and/or shared?
• How many followers/fans do they have and are they actively interacting with the company’s content?
• How quickly do they respond to customer interactions?
• Can you tell if their communication strategy is linked to their overall marketing strategy?
• How regularly do they post?
• Do they offer any original content?
• What are they good at that we can imitate and improve on?
• What are they bad at that we can exploit?

7. Evaluate your competitors’ online presence

It’s important to study your competitor’s website to see what works and what doesn’t. The way they present themselves, their content, and the user experience on their website should inform how you should do so on yours. A well-put-together website will be structured in a way that will lead a visitor to and through a sales funnel using engaging content.

If they have a blog where you can find articles, whitepapers, case studies, blog posts, or other content pertaining to your industry, then make note and consider creating similar material. Make note of modern-based offerings or structure, such as email marketing campaigns, social media integration, and whether the content is optimized for mobile. Also, determine if the company’s online efforts are consistent with its offline advertising, marketing and sales promotions.

You can also use search engine optimization (SEO) tools to find out more about your competitor’s web presence. Some questions to consider are:

• Does their strongest-performing product or service page rank among the first 10 results on Google?
• How is the quality of their backlinks (backlinks are links that point back to a company’s site from other sites)?

8. Examine online reviews

Online reviews are the most common way for people to find out about a business and decide whether or not to use it. They provide a public forum where customers can rate their experience with a business and share their thoughts. These reviews are important because they can have an impact on your company’s success.

A study by BrightLocal found that 77% of consumers read online reviews before making a purchase. That’s why it’s crucial to monitor what people are saying about your business online, so you can quickly address any issues and improve customer service.

The first step is analyzing your competitors’ online reviews in order to see how they stack up against yours. Be sure to look at various review outlets whether they be on Google, Facebook, Yelp, consumer review sites, or the company’s blog. Make note of what your competitors are doing well and what common customer service problems they might be having. If you notice any concerning competitor mentions on the BBB, take note of those as well.

9. Perform a SWOT analysis

A SWOT analysis is a technique used to identify and evaluate the key internal and external factors that affect the success of an organization. The acronym SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.

• Strengths: The strengths of an organization are internal factors that are favorable to it. They are typically things such as skills, talent, experience, etc.
• Weaknesses: The weaknesses of an organization are internal factors that work against it. They can be things like lack of experience or skills.
• Opportunities: These are external factors that provide opportunities for growth or expansion in a given industry or market space.
• Threats: These are external factors that pose a threat to the growth or expansion of an organization in a given industry or market space.

A SWOT analysis should be conducted to help understand where your business stands in comparison to your competitors, and will help in further business decision-making. For best results, it is wise to put together a broader team of individuals from within your organization other than just executives and managers.