If you want to excel in your business, then incorporating competitive research into your marketing strategy is a must. Competitive research, also known as competitor analysis, is the process of studying and analyzing the marketing tactics of other companies operating in your industry.
Understanding your competitors is crucial to staying ahead in the game. Here are some ways to conduct competitor analysis and keep a check on the competition:
- Know your competitors through customers: Speak to your existing and potential customers to get a better understanding of the wider competitive landscape. Ask them about the other companies they are considering or have used in the past.
- Conduct desk research: Review feature articles and industry trend reports to stay up-to-date on the latest developments in your market. This will give you insight into the strategies and tactics of your competitors.
- Utilize online tools: Digital tools such as Google Trends, Maps, and social media channels can help you find local rivals and track brand mentions for specific search queries.
- Identify direct competitors: These are the companies that come to mind immediately, as they are offering similar products or services as yours. They can be found in your local area or online.
- Identify indirect competitors: These competitors may not be offering the same products or services as you, but they are addressing the same customer needs as your business. Your target audience may overlap with theirs, but it won’t be an exact match.
By conducting competitive research, you can stay informed about the activities of your competitors, identify areas of opportunity and threats, and make informed decisions to stay ahead in the market.