Knowing your competition is a must for all companies, even more so in the current business outlook where brands, products and services aim great amounts of efforts at improving their value offer and taking clients from their direct rivals. Besides, business ideas similar to yours are everyday events, making differentiation and competitiveness determining factors to achieve business success.
But, how to have deep knowledge of our competition? Below, we will answer this question with 5 useful tips at the time of performing a competitor research.
1. Choose which aspects of the competition you will research according to your objectives
Focusing on everything might lead you to nothing, which is why we invite you to plan your competitor research strategically. Think about which aspect will contribute greater value to your research, differentiating the communicational from the commercial o the financial. Focus your efforts in knowing these aspects in depth, do not leave anything to chance.
2. Contemplate different information sources
Most likely the first information source that reaches your mind is Google, but, we must never forget there are other useful tools for research.
We propose the use of unconventional search engines, for example, Zanran a search engine that specializes in finding reports and statistical data of great value. There are other search engines such as this one with different objectives. All you have to do is research and pick the one that works best for you and your goals.
Don’t ever forget to turn the competition’s supports and own resources into a valuable input for your analysis, they are the real time staging of what’s taking place within and outside it.
3.Be you competition’s client or pretend to be one, observe and analyze everything
Although it might sound unreasonable, it is an excellent research and observation exercise regarding the competition as it provides us with first-hand knowledge and closely, what they offer and how they offer it.
Don’t forget to inquire about prices, offers, characteristics and main benefits of the product, in addition to important aspects such as waiting time, client support and the maturity of the sales process.
Be critical of this exercise, accept the disadvantages you have before your competition and look for ways to overcome these disadvantages, compare results and try new roads.
4. Turn your providers into another valuable information source for your competitor research
This point applies to businesses that move within B2B environments and industrial markets where the same providers are usually hired. Of course they might not offer you punctual and detailed information on the amount of raw materials or batch totals your competition purchases, but you will be able to gather more general data. It will all depend on the subtlety and shrewdness with which you research.
5. Update the information regarding your competition
Just as you strive to improve, make progress and innovate, your competition does so too, so if you want to perform a full competitor analysis you must organize and update all the information regarding your competition.
Define an adequate period of time to do so and don’t stop monitoring, constantly doing so will allow you to perceive important changes and strategic actions in real time. This is no easy task of course, but fortunately there are different competitor analysis tools that might help you with this task, among which you may try Kompyte, one of the most complete tools regarding real time competitor research.