8 Easy ways to conduct an effective competitive analysis
Understanding your competitors, what they offer, their positioning, etc. and monitoring them on an on-going basis is key to growing your business.
Here are eight easy ways to conduct an effective competitive analysis
- 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.
- Monitor their social media activities. 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 Adwords campaigns 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
- Read the reviews on Udemy, Amazon, Google, Facebook etc. and pay attention to what users are saying about your competitors and the services/products they offer. Do they mention any missing feature or things that could be done better?
- Speak to your 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 in a new market or launch a new service/product.
Once you have gathered all the information about your competition you will 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.
Finally, 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.