Archive for June, 2019

postheadericon 8 Key Research Approaches To Learn About Your Competitors

No matter which stage of development your business is at, you are always going to have competitors, both direct and alternatively.

Different approaches within the market, company culture, situations, sizes, ambitions. All of these factors influence a company and how they will  choose to operate at every stage of the sales cycle and marketing approach.

There is nothing wrong with having competitors. It is positive because it shows you are in a market where there is a demand for. Even the most niche business you can think of will have competitors at some stage of their day-to-day process where another business presence has impacted their offers, prices, brand positioning.

The best thing you can do is learn about them and respect their organisation as they should too. Competition is healthy. It is true and not just a cliche because it keeps you from becoming complacent. It helps you learn and  opens your eyes to different life skills.

This does not mean you can ignore your competition. Research them, be aware but also understand your own unique selling points. Here are ways to help you gather the required information on the other companies pitching for your market share.

1. Identify the Competitors

The most important step to study competitors in B2B is to first find out who you are competing with. When done with this, you should categorize the competitors on the basis of different factors like business scale, revenues, marketing, websites traffic and the similar choices.

2. Visit Competitors’ Websites

Now you should have a report or list of the competitors with their categories mentioned in front. A vigilant visit of every website is required here because it will let you learn about their site and how they are making impacts. You should attentively watch their themes, templates, site features, display, images and the overall performance of the website. You can track alternatives visiting your website with software.

3. Use Analysis Tools and Apps

You will need many analytics tools in order to study the competitors and various factors. BuzzSumo, Ghostery, Screaming Frog, SimilarWeb are few of the very efficient and advanced competition analysis tools you can use. Make sure you deploy the right tools for evaluating performance in different categories of the competitors.

4. Check their Content

Content is the most influential factor in marketing these days. Obvious differences can be found between competitors on the basis of content. Use it as a powerful tool. Find what kind of content, blogs, guest posts, product descriptions and social media posts they use. Also study their schedule of blogs and guest blogging.

5. Identify their Marketing Position

Now you should be studying the marketing position of your competitors. You had a number of brands in your competition so make sure you assess the current level and presence of every competitor. It will let you find out what other brands are doing and what you missed in that period. You will learn a lot of useful stuff.

6. Go to the Customer Reviews

Customer reviews are a good way to learn about various brands and study competitors. You should be able to distinguish between the real or original and machine generated customer reviews. Learn in the reviews what customer say, how your competitors deal with negative reviews, what kind of issues the users have highlighted in the reviews and the similar things.

7. Visit their Social Media Profiles

Another place where you can find better stuff about the competitors is social media. These days, without using social media, it is not possible for any B2B business to connect with the customers and generate traffic. You have to study their social media use, what unique they do, when and what kind of content they post and how effectively they are using the social media.

8. Spy on their Analytics

Lastly, you have to go an extra mile to study, in fact spy on, the analytics of your competitors. This is challenging but not impossible. There are some tools and software which help you study the competitors in more effective ways. You can also learn about the strategies and analytics of the competitors through your own means and options. It will be a powerful addition to your findings.

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