5 Competitive Research Best Practices for Outsmarting the Competition
Nov 10, 2022
A new competitor has joined the market and has stolen half of your customers. What do you do?
To begin, you must figure out who this competitor is.
There are a lot of things you need to know about your competitors to succeed. If you need to know how to find competitors of a company, here are 5 tips to consider.
1. Do More Than a Google Search
If you're wondering how to find competitors of a company, doing a Google search has probably crossed your mind. Any project should begin with a Google search, but going beyond that is important.
Google also provides tools such as AdWords and more that can help you with your search. Google Trends can help you find your competitors and track those coming to your site and competitors monitoring can be done with Google Alerts.
2. Social Media
Social media usage has grown because of how digital our world is becoming. Many companies use social media sites such as Facebook, LinkedIn, Twitter, and Instagram.
Checking the social media of your competitors can show you competitors' images and competitor performance. Monitoring your competition through social media is an easy and inexpensive way to be in the know. It is also a good idea to track review sites, newsletters, etc.
A company's branding can be found on social media. Great branding can push a company forward successfully.
3. Talk to Your Customers
Talking to your customers is one of the best ways to get entail on your competitor's. New customers especially can tell you why they made the switch or why they chose you over the competitors.
Gathering enough information based on customer's stories can allow you to figure out the best move. Whatever your customers find preferable should be the direction you go in.
4. Analyze and Compare
A competitive analysis should be done to find your real competitors. An analysis can give you a better understanding of the content.
Content analysis can show you what opportunities you have to outperform your competitors. Once the content is analyzed, you can see how it compares.
5. Find Your Top 10 Competitors
It's important to know who your competitors are. You could be facing hundreds of competitors depending on what your service is.
Narrowing your competitors down to the most important ones is beneficial. Odds are, you already have an idea of who those competitors are. These are the ones you should be analyzing and comparing the most.
A simple way to find your competitors is to Google search your product or service. The top hits will show up.
How to Find Competitors of a Company Done Right
Now that you know how to find competitors of a company, you can begin finding your competitors. You want to stand out as much as you can if there are a few or even hundreds of companies just like you. To do this, identifying your competitors and researching them is the way to go.
Once your competition is identified, you can take steps to push your company forward. Contact our design agency today to bring your company to the top.
