Researching Competitors

It pays off BIG to spend time doing competitor market research. Even if you are just a small local business in the middle of a rural village.

Different things you can do are:

First – find out who ALL your competitors are in your market. Not just local business but who do you have to compete with in the National and Global markets too.

You can initiate surveys, that will help you discover how people are looking for your product (ie search terms they are using), the amount they are expecting to pay for your service, how they want to have that product or service delivered. The more you know the better off you are when you want to compete.

It won’t matter how BIG your competition is if you have resourceful information that they don’t have. Its like a secret trick or magic wand when you know something valuable.

Taking the time to do extensive research in the beginning can not just give you an advantage over your competition it can also save you time and money on the other end. It can save you from spending a large portion of your budget on advertising a product no one wants, or highlighting a benefit no one needs.

When assessing your competitor you can check their websites. What pages are they sending paid advertising to. What do they look like? Many websites and landing pages are really bad. You can get the jump on them simply by having a pleasant, informative, and specific page for your marketing efforts.

Learn what “keywords” people are using to try and find what they are looking for in your market. This not only helps us know how to ‘target’ your potential customers, but puts a real number on the SIZE of that market.

What are your competitors doing right? What are they doing wrong? What can YOU do better?

There are ways to find out what your competitors customers are saying about them. By conducting proper research you can be a ‘fly on the wall’ and collect valuable insight.

Researching your competitors never stops. The market is an ever changing place but once you get good research tools in place you have a better chance of not being left behind.