Competitive Analysis [Competitor Research]
Let’s talk about how to do competitor research that will allow you to increase revenue of your business.”
It’s critical for you to know exactly how you compare to your competitors. If you don’t thoroughly research your competitors it will be impossible for you to differentiate yourself from them, it will be impossible to create and execute an effective marketing strategy and you will likely make a lot of other strategic errors. Or, to put it in simple terms, you will fail.
So let’s look at the most efficient way to do your competitor research.
Sources of information
Social media groups and industry forums. This tells you what people say about your competitors.
Your competitors’ websites and social presence. This tells you what your competitors say about themselves.
Specific Research Questions
What are their names?
Where are they (if location matters)?
How long have they been established (if this matters)?
What services do they sell?
What do they do well?
What do they do badly?
What do people think of them? This could be as simple as reading reviews if they exist.
How do you compare?
Why would someone pick you ahead of them?
Why would someone pick them ahead of you?
How are they generating leads (as far as you can tell)?
What is their Unique Selling Point?
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