Understand the competition by researching them
Before thoroughly analysing your competition, you need to understand who they are and what they do. Researching a competitor will tell you about their business model, products and services, pricing structure, operating styles, and overall strategy. Here are six thoughts to help you understand the competition by researching them.
1. Understanding these components
Understanding these components and how they compare to yours can give you insight into how the market is shifting so that you can make strategic decisions for your business.
2. Online Presence Researching
Online presence researching competitors’ online presence is key to understanding how customers perceive them in the marketplace. Look at their website design, content marketing strategies, social media accounts, blog posts – anything that they are doing online that makes them stand out from the crowd – so that you can identify strengths or areas of opportunity. You can also use tools such as Social Mention, or tools like SEM Rush that measure SEO performance in order to truly understand your competition’s presence online.
3. Pricing Strategies
Pricing strategies analysing competitor pricing strategies is another important area of research for any business. This involves looking into competitors’ promotional offers and discounts and assessing any competitive advantages or disadvantages between your prices and theirs. Researching pricing trends helps inform your own pricing strategy so that it remains competitively priced yet profitable enough for the sustainability of your business operations
4. Customer experience
Customer experience analysing a competitor’s customer experience is critical to compare its quality against yours, build better relationships with regular customers, and attract potential customers from other businesses in the marketplace. Research from customer surveys or reviews rank very highly on most reports when seeking feedback on competing brands which can provide useful insights into what changes could be made to better engage with customers
5. Competitor reviews
Reviews & analysis competitor reviews not only reveal what current or prospective customers think of a particular brand. But also let you know what problems exist within the industry and new opportunities. Other companies may leverage that before you. Given that reviews are generally unbiased means of gathering information, they provide deep insights into feelings and impressions while allowing companies to outline objectives based on feedback collected before taking action.
6. Market Position & Share Analysis
Market position & share analysis in-depth research is required here. So understanding a company’s positioning in its respective industry may prove difficult without referencing segmentation metrics related to revenue size and profits. Such measures of profit margins would aid greatly rather than manually guesstimating figures when judging success over time vs competitors accordingly over consecutive quarters.