DO YOU WANT TO HAVE SUCCESSFUL BUSINESS?
If you are answer is YES, start researching your competitors!
You’re probably already thinking that competitor analysis is complicated. YOU ARE WRONG!
Here some tools and ideas on how you can start gathering information about your competitors.
- Research their online presence. Look for articles, blogs, podcasts, YouTube videos they have posted.
- Visit exhibitions or events where they are exhibiting or speaking and check their stands and promotional activities as well their audience.
- Check their social media presence. Use tools like Socialmention to look for what’s being said about them across various platforms. Look at their Facebook page use the “Info & ads” feature to see if they are running any ads. If they are, click on them and test their funnels. Attend their webinars and download their freebies.
- Use Google search to see whether they are running any Adwords campaign and use platforms like SpyFu to find out what keywords they are buying.
- Check their website and observe their branding, tone, message, offering, etc. Find out what they offer, how is delivered, how is priced etc.
- Monitor their marketing activities (creative they used, key words they bid on etc.) and site traffic sources through services like Alexa.com and Follow.net
- Look for reviews on Udemy, Amazon, Google, Facebook etc.
- Speak to you competitors to get a better idea of who they are and how they position themselves. Remember they are not enemies and one day you may end up collaborating to expand a in new market or launch a new service/product.
Once you have gathered all the information you should be able to define:
▪️ what you can do better in terms of pricing, how you market and deliver your product/services;
▪️ what services and products neither of you is offering;
▪️ what new market or niche you could serve;
▪️ whether there is a saturation in certain areas -which might require you to focus on less competitive areas.
Draw up a list of everything that you’ve found out and put together a strategy that hones in on your competitors’ weaknesses and market opportunities.