How to conduct competitive research
Competitive research is analysing competitors’ products, services, pricing, and marketing tactics to improve your business. Here are six activities you can do to conduct competitive research
1. Identify your competitors: Start by researching the companies that are already selling similar products or services in your industry.
2. Analyse their websites: Take a look at your competitors’ websites to get an understanding of their business model, pricing structure, and offerings.
3. Analyse their customer base: You can learn a lot about your competitors’ customers by looking at the demographics of the people who are buying from them.
4. Analyse their marketing strategies: Look at how your competitors promote their products or services and their messaging.
5. Monitor their online presence: Keeping an eye on what your competitors are doing online can help you stay ahead of the curve and stay competitive in your industry.
6. Talk to customers: Talking directly to customers is one of the best ways to get insights into what they like and don’t like about specific
products and services. By engaging with customers, you can better understand their needs and preferences, which can help you stay ahead of the competition. You can also use customer feedback to inform your own product or service development, as well as how you market it to potential customers.
Conclusion
Competitive research is the process of studying your competitors and their strategies to gain insight into how you can improve your own business. It involves analysing their products, services, pricing, marketing tactics and more.
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