Learn how to conduct Competitor Research
Competitor research and analysis are crucial aspects of developing and maintaining a successful business strategy. Here’s a step-by-step guide on how to conduct competitor research:
Identify Your Competitors:
• List your direct and indirect competitors. Direct competitors offer similar products or services where as indirect competitors may serve the same need with different solutions.
• Identify if they are competitors in direct sales or online searches, or both.
Gather Basic Information:
• Collect general information about each competitor, such as their name, location, size, and target market.
Analyze their Brand positioning:
• How does their brand compare; logo, tagline, value propositions.
• How does their brand represent their products/services.
• How does their brand resonate with the target audiences.
• Identify the strengths or weaknesses in comparison and adjust/create your own brand accordingly to compete.
Website Analysis:
• First examine their website TLD (Top Level Domain) and determine if there are keywords in it and location (.US, .NY etc.)
• Analyze the over all user experience, design, and navigation then give each a grade level.
• Review the targeted keywords and optimized tactics:
* Title Tags
* Meta Descriptions
* Images/videos
* Copy (H1-H2-H3)
* Links
* Call-to-actions
Market Positioning:
• Determine their market positioning strategy. Are they positioned as a low-cost provider, premium brand, or niche player?
• Analyze their pricing strategy and promotions.
Product/Service Comparison:
• Compare your products/services with theirs. Identify similarities, differences, strengths, and weaknesses.
• Look for unique selling points (USPs) and features that set them apart.
• Identify pricing for retail, wholesale and special corporate pricing.
• Identify which competitors products/services are the most popular and on what channels.
Customer Reviews and Feedback:
• Check customer reviews on various platforms.
• Analyze feedback to understand customer satisfaction, common complaints, and areas for improvement.
• Conduct an over-all WOM (word of mouth).
Social Media Presence:
• Evaluate their over-all presence on social media platforms.
• Look for engagement levels, follower growth, and the type of content they share.
• Review their company description and links.
• Analyze hashtags and review their ranking on each.
SWOT Analysis:
• Conduct a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) for each competitor.
• Identify internal and external factors influencing their business.
Financial Analysis:
• If possible, analyze their financial statements. Look for revenue, profit margins, and growth trends.
• Assess their financial stability and investment patterns.
Industry Trends:
• Stay updated on industry trends and innovations.
• Understand how competitors are adapting to or leading in industry changes.
Partnerships and Collaborations:
• Investigate any partnerships or collaborations they have with other businesses and organizations.
• This can provide insights into their strategic alliances.
• Review any coordinated marketing effects between them.
Attend Industry Events:
• Attend relevant industry conferences, trade shows, or events where competitors might be present.
• Gather information on new products, technologies, or partnerships.
• Gather their marketing materials, campaigns and take pictures of the booths.
• Analyze the audience that engages with them.
• Review the sales team engagement methodologies.
Legal and Regulatory Issues:
• Research any legal or regulatory issues your competitors might be facing.
• Understand how these issues could impact their operations.
Employee Insights:
• Explore employee reviews on platforms like:
* Glassdoor
* Indeed
* Vault
* RateMyEmployer
* TheJobCrowd
* Comparably
• Understand their company culture, talent acquisition strategies, and potential strengths or weaknesses in their workforce.
• Use the negative information in your marketing benefits/strategies.
Benchmarking:
• Continuously benchmark your performance against your competitors.
• Identify areas for improvement and areas where you outperform them.
• Remember, competitor analysis is an ongoing process. Regularly update your research to adapt to changes in the market and stay ahead of your competition.