How to Research your Competition - 7 Simple Tips
Sep 12, 2024
Written by Charlotte Steel
Knowing your competition is crucial for creating your business strategy and creating your value proposition. Understanding what they do, how they do it, and where they fall short gives you a clear advantage. This week, I’m sharing a guide to researching your competition effectively and efficiently, allowing you to gain actionable insights and to help you to make better business decisions.
Tools to Use
Start by setting up a Google Sheet or Excel document. Documenting your research in an organised manner will help you to summarise easily. Use separate tabs to capture key areas like products/services, pricing, branding, customer experience, and online reviews. This will make it easier to organise and analyse the information.
7 Tips to Follow:
- List Their Products/Services
Start with the basics. What are your competitors selling and how does it compare to your offering? Look at features, benefits, and if they are upselling other products/ services. Use their websites, product listings, and brochures to collect this data and record it in your sheet.
- Review Their Brand
Study how competitors position their brand. Are they going for a premium look, or are they focused on affordability? Take note of their tone, messaging, and visuals. Record the elements of their brand that stand out and how customers may perceive them.
- Examine Their Pricing
Pricing is a critical factor in understanding the market. Compare your competitor’s pricing structure with your own. Note whether they offer discounts, bundles, or special deals. Add this data to your document for a clear side-by-side comparison.
- Summarise the Customer Experience
This requires you to invest in the competition’s products/ services. Go through their purchase process and record each step. How easy is it to navigate their site or store? How’s their customer service? What’s the delivery time like? Experience the journey from a customer’s perspective and summarise it in your sheet.
- Highlight Your Differentiation
Identify how your product or service stands apart from your competitors. Is it a unique feature, better service, or superior quality? Create a column in your document that lists your competitive advantages, so you’re always aware of what sets you apart.
- Monitor Online Reviews
Customer feedback offers a wealth of insights. Use platforms like Google Reviews, Feefo, or Trustpilot to see what customers are saying about your competitors. Note common complaints, strengths, and overall ratings, and add these observations to your sheet.
- Conduct Keyword Research
Use tools like SEMrush or Ahrefs to see what keywords your competitors are ranking for. This helps you understand what their online strategy is and what topics are driving traffic to their site. Record their high-ranking keywords and consider how you can leverage similar or better terms.
Conclusion
Researching your competition is not a one-time task. Keep updating your findings and use them to refine your strategy. Take what you’ve learned and apply it directly to improve your product, marketing, and customer experience. In business, staying informed is staying ahead.
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