The biggest concern of a business owner is their competition. No matter what field you’re in, there is someone out there who could potentially take your customers. Businesses have to work hard to stay ahead of the competition, paying attention to what is going on in the market. Competitor analysis tools have been created, but for those who want to do their own research, there are a few simple steps to follow. Business owners should be able to conduct their own competitor analysis. Here is a basic outline of how to analyze your competition and their work.
Look Them Up
The first basic step to take is to search for your competitor. However you find them is how they draw in customers. Advertisement is a big factor in business, because it’s how they portray their company. The information shown in the ad is what they believe is appealing about their company. Understanding this is a good start to see who you’re dealing with. Checking out your competitor’s ads is also a way to see what audience base they’re looking for. Seeing who they’re trying to attract as a customer can tell you how serious of a threat they are to your business.
Listen To The Public
If you know your competitor’s audience, you can find reviews. Reading consumers’ opinions may not be the most reliable source, but it gives you further understanding on what people want. Analyzing social media can also benefit your research. If your competitor has their own page, it becomes even easier. Social media is a way for people to express themselves freely, and it can be your tool to analyzing what they do good and what they need to work on. You can learn from their public business accidents or successes. This information can show you what to aim for so that your customers are more likely to stay with your company.
See What They Have To Say
After you’ve checked out their audience, it’s time to see what your competitor can do. Reading their content can give you an idea of what people search for. If your competitor is writing about it, it means that someone was looking for it. Reading through their small business news will give you keywords and topics that can help you boost business. Chances are, they’re worried about you being their competition, so staying one step ahead of them can increase your business before they do the same thing to you.
Check Out Their Offers
Finally, look at what your competitor offers to their customers. The most obvious comparison you can make is pricing. If the competition is threatening, your best bet is to match their prices. Make it a priority to draw in customers with the other methods before raising the prices. The most important factor is to gain a customer’s trust. They are more likely to stay with your company if you have something great to offer with unique packaging. There are more factors to a company-customer relationship than price, and it begins with trust.
Identify Market Opportunities
When analyzing competitors, find the market opportunities that you can capitalize on. If you are able to find an aspect of the business that customers are complaining about, then make that a priority for your company. Additionally, take this chance to learn about new audiences or markets that you may have not considered in the past. If you are able to find strengths to build on as well as some new markets, this could lead to significant growth for your business. Afterwards, you can go on a search for new opportunities and continue to improve your products or services.
Follow this guide to analyze your competition effectively. You can learn a lot just from observing the other key players in a market and listing to what customers have to say. If you analyze their products, prices and offerings, you can make sure your company is competitive. Likewise, analyzing the competition will present opportunities within your market for growth. Find new customers, markets and strengths by doing a competitor analysis regularly.