Why Is It Important to Undertake Competitor Analysis?
If you conduct competitor analysis on a regular basis then you will be able to use the knowledge that you have gathered to stay one step ahead of your competiton.
You'll be able to use your competitors' strengths and weaknesses to your advantage and anticipate and be ready for any threats they may pose before they happen.
Want to keep an eye on your competiton? Here's how to get started...
Identify Your Direct Competitors
You may think you know who all your direct competitors are, but it's best to do a quick Google search to identify if you have any direct competitors you weren't aware of.
A direct competitor is someone who offers the same type of products and/or service as you. For example, if you offer cookery courses, someone else who offers cookery courses.
Create a File for Each Competitor
Where to Gather Information About Your Competitors
There are so many places and ways that you can gather information about your competitors. For example:
What Type of Information Should You Gather on Your Competitors?
What are their weaknesses?
If customers aren't happy about the service they have received from one of your competitors you'll probably see comments about it on social media. You can take advantage of whatever it is that your competitor is doing wrong, their weakness, and use it to your advantage by getting it right.
For example, if customers are complaining that one of your competitors takes too long to issue refunds, you could offer refunds within 24 hours.
Be sure to let everyone know that you offer refunds within 24 hours on social media and on your website. Your competitor's disgruntled customers will be far more likely to use you the next time.
What are their strengths?
You can also use your competitors' strengths to your advantage. If customers are praising something that one of your competitors did for them on social media, could you offer something similar, but better?
Perhaps they sent them a thank you card after they placed their first order. Could you phone people up to say thank you and send them a personalised thank you card offering them 10% off their next order?
What threats do they pose to your business?
If you are consistently tracking what your competitors are up to then you will also be able to anticipate changes which could pose a threat to your business.
For example, imagine your competitor is a hairdresser and they run a poll on social media to find out which day of the week customers would like them to keep the salon open late to make it easier for people who can't get to them during the day due to work demands.
You could start to open your salon one day a week straight away, but also go one step further and go in to businesses and cut your client's hair during their lunch break!
Get in Touch to Find Out How We Can Help You With Your Marketing
I hope you've found this blog post useful. If you would like to speak to someone about finding out more about your competitors or any other area of marketing, please get in touch. You can call me on 0131 629 5117 or email me - tara@ticketyboomarketing.
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