How to Research Your Business Competitors by Your Own?
Category : Business Branding
In any business, it is very important to understand your market and your competitors. Knowing your competitors and what they are offering helps you to make your products, services and marketing stand out, and NOBODY wants to be left behind by the competition!!!
According to Wikipedia – “Competitor analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors. Competitor analysis is an essential component of corporate strategy.”
Your Competitors are smart enough, they would not miss a chance to grab your business opportunity and they certainly want your customers. But, having a completion spirit is good. YES, in ever growing/developing markets, competitive activity is generally helpful. How?
Don’t be scared of the heavy terminology like Marketing strategy, competitors analysis, competition research and so on, instead try these things by your own. Believe me you can do it, give it a try and see how your confidence level rises.
By getting the answers to these simple yet powerful questions, YOU can reach your market and competitors.
- What products/services do your competitors are offering currently?
- What results do their products promise?
- What words and emotional triggers are they using to sell their products?
- How much do they cost? Pricing and other financials details.
- What customer service offerings does the competitor provide?
- What marketing and promotional techniques does the competitor use?
- What distribution methods does the competitor use?/ How are their programs delivered?
- What are their primary sales techniques; what suppliers does the company use and how does their supply chain operate?
- What are the competitor’s strengths?
- What are your competitor’s weaknesses?
Now, you have lucrative information, go ahead and make the most of it.