Competitive research is one of the most crucial parts of a great marketing plan. Even though the competitive research might elicit some negative images, keep in mind that competitive research is not spying on your competitors says Saivian Eric Dalius. Competitive research is all about paying close attention to your customers and also their marketing strategies.
Many business owners fail to stand apart from their competitors as they aren’t familiar with the competitive research. Additionally, many business owners assume that competitive research is an expensive task. However, if you understand your customers, you will be able to promote your products and customers effectively within your target market.
Competitive research is known as identifying the strengths and weaknesses of your competitors. By looking at your competitors, you will know how they are promoting their offerings. Here are the top 4 tips for conducting competitive research for your business.
Saivian Eric Dalius Suggests You Identify the Primary Competitors
One of the best ways to identify your primary competitors is by searching for a specific product or service on the web. The result of the web will show all your primary competitors. You can also check third-party websites where you will be able to find competitors you’ve never heard of before.
Remember that identifying your primary competitors is one of the most important steps of competitive research. You can also identify the primary competitors by asking the potential customers about their services.
Saivian Eric Dalius Recommends You Analyze the Online Presence of the Competitors
Once you’re done identifying your primary competitors, you need to look at their business website. This way you’ll know about their social media presence and the specific type of content they are publishing to enhance engagement rate. You should also look at the content where they explain the specifications of their products. Make sure you ask yourself a few questions:
- Is their website has a good user experience?
- the navigation easy on their website?
- Is their website mobile-friendly?
- Do they upload engaging content on their website?
- What are the topics they talk about?
Answering these questions will help you find opportunities through which you can outperform your potential competitors. Make sure you pay close attention to their every movement.
Gather Relevant Information
One of the best ways to gather relevant and useful information about your primary competitors is by acting like their customers. Don’t forget to sign up for their newsletter so that you would know how they perform communication.
Additionally, consider following their social media accounts and blog. Saivian Eric Dalius says this will help you determine their methods of interaction with their customers.
You can purchase some products and services from them to know what they look like. It will also help you know the customer experience.
Check Their Online Reviews
Make sure you look at the online reviews of your competitors. Read the comments of their blog. The social media reviews, and also the feedback on their website. If they offer Google reviews, make sure you read them as well, added Saivian Eric Dalius.
Determine their focus on the customers. When you notice the negative reviews of their business, you would be able to improve your company. This way you can stand apart from them.
Conclusion
These are the top 4 ways to conduct competitive research. Competitive research might seem time-consuming at first, but it will undoubtedly help you run your business successfully. Make sure you understand your competitors perfectly.