Competitive Analysis [Competitor Research]
Marketing

Competitive Analysis [Competitor Research]

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

You can find information about your competitors in:
  • 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

These are the questions that need to be answered:
Who are your competitors?
  • What are their names?
  • Where are they (if location matters)?
  • How long have they been established (if this matters)?

Services

  • What services do they sell?
  • What do they do well?
  • What do they do badly?

Reputation

  • 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?

Marketing

  • How are they generating leads (as far as you can tell)?
  • What is their Unique Selling Point?
I strongly recommend creating a simple spreadsheet that includes all of these questions across the top and the names of your competitors down the left and the answers in the middle. Having everything on one screen will make it easier for you to see the entire competitive marketplace and see how you fit into it.
Adam Radly

Adam Radly

Founder of 'I Imagine'

> $100 Million raised for his businesses

> 1 Million views for his Tedx Talk about passion

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