Competitor databases and what to put into them
Let’s face it – keeping tabs on your competitors can be tricky. After all, you don’t want to come across as some creepy stalker lurking in the shadows and spying on them! That being said, it is important to understand your competitors’ operations and what they offer. This will help you identify opportunities and give insight into how best to market your business.
To create a competitor database, start by identifying all the potential competitors you could have. Think about everything from local businesses to online stores and anything in between. Once you have identified potential competitors, you should keep tabs on them regularly. For example, if a new business opens up locally or another company that could impact your business, keep tabs on them so that if the need arises, you know who they are and their contact details. This will allow you to react quickly in the future if necessary.
When to use your competitor database
There are a number of situations where it can be useful to pull out your competitor database. If you are launching a new product or service, it can be helpful to see how your competitors are marketing their products and what you could learn from it. If you are going through a rebrand, it can be beneficial to look at how your competitors are marketing themselves to understand how you can do things differently.
Suppose your company has been in operation for quite some time, and you want to refresh your marketing strategy. In that case, it can be helpful to do a comprehensive audit of what your competitors are doing and see if there are any areas where you could improve. Suppose your business faces significant external challenges, such as government regulation, natural disasters, or a change in the economy. In that case, it can be helpful to see how your competitors responded to similar situations in the past.
Identify your strengths and weaknesses
One of the first steps in building your competitor database is identifying your strengths and weaknesses. For example, you may have a less expensive product than your competitors or a different product offering that could put you ahead of the pack. Or, you may find that your company has specific weaknesses that could be overcome with a new marketing strategy.
Benchmark key performance indicators (KPIs)
Another great way to get a sense of how your competitors are doing is to look at key performance indicators (KPIs). KPIs are metrics that are used to track performance and can be applied to almost any business. For example, if you are in the real estate business, you could look at the number of homes sold every month or the average sale price of a home. If you are in the retail industry, you could look at the average number of customers per day or the number of repeat customers. Or if you are in the travel business, you could look at the number of customers served daily.
If you are in the food services business, you could look at the average number of customers served per day or the average revenue per day. Or if you are in a service business, you could look at the number of new or repeat customers each month. You can find KPIs for your specific industry online or by contacting your local Chamber of Commerce. You may also want to consider identifying KPIs more specific to your company. For example, you could track the number of new customers referred by existing customers, the number of customers contacted by your sales team, or the number of customers who have downloaded your product information.
Find out what’s working for them
Now that you have identified your strengths and weaknesses and know what is working for your competitors, it’s time to find out what’s working for them. To do this, you can read their marketing materials, watch videos of them speaking to potential customers, or read articles featuring them. If possible, you may want to attend a seminar or webinar featuring one of your competitors. If you can’t physically attend the event, try to get a copy of the presentation. This will give you a better idea of how your competitors promote their companies and what they say to customers.
Find out what’s not working for them
After you have identified what’s working for your competitors, you should also try to find out what’s not working for them. This will give you a better idea of what you could take advantage of for your own business. For example, if a particular competitor is offering a product or service that isn’t well-received by customers, you may be able to capitalise on their mistake. If something isn’t working for your competitors that you could quickly fix, it could be a great way to differentiate your business from other companies.
Check out their website/digital presence
One of the first places you should look when you are evaluating your competitors is their websites. This is usually the first thing potential customers see when looking at your competitors’ products or services, so it is important to check it out. This will allow you to identify any strengths and weaknesses with your competitors’ websites and possible improvements you could make for your own business. For example, you could check out your competitors’ websites and try to find out what platform they are using. If it is a platform you are familiar with, you may decide to keep using it for your own business.
On the other hand, if it is a platform you are unfamiliar with, you may want to consider switching to your venue. This will allow you to capitalise on the features fully you have available. You can also use this opportunity to check your competitors’ social media presence. This will enable you to see which social media platforms they are using and what content they share on those platforms. It can also help you identify strengths and weaknesses with their social media strategy.
Get in touch with your own customers
If you have been in business for a while, you likely have some customers who have been using your products or services for a long time. If so, you may want to get in touch with these customers and find out what they like and don’t like about your product. This will help you identify strengths and weaknesses with your products and can help you make any necessary adjustments. It can also help you identify areas where you may want to improve.
Competitor databases and what to put into them
Keeping tabs on your competitors can be important to running a successful business. However, it is not enough to keep tabs on your competitors. You also need to keep tabs on your business and ensure that you are operating at the highest level possible. By taking the time to do a thorough competitor analysis, you will better understand your industry and how your company compares to others. You can use this information to improve your company and help you make better business decisions.