Is your competition planning on lowering prices? Are they offering a better service? Do they have a new marketing technique? When you research your competition, it can mean the difference between the success or failure of your business.
Even though your competition most likely keeps valuable information well-protected, this article provides 4 tips on how to research your competition. The information you acquire can help you make informed decisions about designing a successsful future for your company.
Look at their website
Your competitor’s website is the first and most logical place to start. When researching, there are three things to look out for.
Firstly, have a look at the goods and services they offer. Think about whether you can offer these goods and services in a different and more competitive manner.
Secondly, have a look at their website layout. How is it different to your own? Maybe it has a convenient instant payment system or live chat function that you could borrow for your own website.
Finally, look at the tag lines, slogans and promotional content. Is their website more informative? Do they convey information in a more concise and clear manner? These are all things you can take as inspiration for your firm’s future development.
The next step you can take is to track down your competitor’s online advertising campaigns. These include Google Adwords, Bing Ads, Facebook, Twitter, Yellow Pages, Linkedin and product review sites. By locating your competitor’s marketing channels you can evaluate potential channels for your own firm.
It is also useful to note how your competitor positions their firm to customers. Do they emphasise price? Are they formal or colloquial? Through noting these issues, you can make a more informed decision on how to position your company to customers.
Several useful tools aid this part of the research. For example, http://www.spyfu.com/ allows you to download your competitors’ most profitable keywords for paid and organic searches.
Ask your customers
When you gain a customer, be sure to ask which firm they were using before and why they left. Similarly, when you lose a customer, ask them why they decided to switch to a competitor. By collecting data in this manner, you will have a good idea of consumer demand and preferences in your industry. Thus, it will be easy for you to adjust your product range and services to meet consumer demand.
Poach an employee
One of the best ways to understand the specifics of your competitor’s operations is to hire one of their past employees. This will give you insights into how your competitors organise their supply chains, manage their staff and liaise with clients. There may be certain ways of managing resources that you can leverage in your own firm. For instance, a competitor may be using a certain workflow program that boosts employee efficiency that you can easily appropriate.
Author: Monique Goodyer works as a marketing specialist at Monaco Compensation Lawyers, one of Australia’s compensation law firms. She’s interested in all things online and the latest trends in social marketing and business management.
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This article is published by Will Sherwood | The Sherwood Group |Website Design | Graphic Design | Marketing Communications: The Sherwood Group has over 30 years of experience working with all sorts of companies, small and large. Our clients range from entrepreneurs to Fortune 500 firms, in nearly every business sector, from across the street to around the world (and yes, even Europe, China, and South America). Our goal is to create advertising, graphic design, website design, and marketing communication that still looks fresh and relevant 10-15 years later. Our mission is to stir your imagination and leave your competition shaken and wondering, Now what do we do?” We are located in Myrtle Beach, South Carolina.
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