Growing your business takes time, but some ways can help you reach your business goals quickly. The best way to do that is to learn how your closest competitors are performing. Competitor research is crucial to the success of your business. Aside from knowing how other businesses are reaching out to potential customers, competitor research allows you to uncover valuable opportunities and increase your brand’s visibility. Here’s a guide to help you keep an eye on your competitors so your business won’t get left behind.
1. Identify your closest competitors
Before anything else, make sure you have a list of businesses in the same industry as you. For this, you can look up local business directories and browse the category or industry you belong to. You can also do a quick Google search to find out which businesses rank the highest for keywords related to your products or services.
If you want a more thorough search, you can use a platform for scraping data on local businesses that match your niche. For instance, if your business is based in Portland, you can look for a platform that lets you do an Oregon Secretary of State business search to find businesses that could serve as a benchmark.
2. Check their social pages
Official social media pages on platforms like Facebook and Instagram can provide a wealth of data on the products, marketing activities, and more of your closest competitors. Pay attention to the content they are sharing and the way they interact with users in the comment sections.
To make the process easier, consider using social listening tools like Sprout Social and Buffer to help you set benchmarks and analyze competitor campaigns. That way, you can generate valuable insights that can help you optimize your brand awareness so it surpasses the gains of your competitors.
3. Visit their websites
Social media won’t provide everything you need to find out what makes your competitors stand out. You still need to check out their websites and understand the way they structure their brand message. These websites can also give you insight into the kind of information they provide to their customers.
When analyzing a competitor’s website, start by reading their About Us and Services pages. How does the business set itself apart from others and your own? What keywords or key terms are emphasized on these pages? Asking these questions will help you understand whether there’s room to improve your brand-building activities.
4. Check for customer feedback
Your market is the best gauge for understanding competitors’ successes (or failures). You should be able to seek out comments and complaints coming from existing and previous customers. If you are selling apps or software subscriptions, look up your competitors on platforms like the Google Play Store or Apple App Store and browse through the customer reviews sections. There, you can find out if there are gaps in your competitor’s products or services that you could easily fill in.
Give your business a boost so it cuts through the noise! Apply these tips, get a better view of your competitors, and place your brand at the top.
