Competitor research is a strategic study of the weaknesses and strengths of potential and current competitors. This study provides both a defensive and offensive strategic framework to identify threats and opportunities. Competitor profiling identifies the characteristics, processes, strategies and capabilities that differentiate one firm from another. In addition, competitor profiling helps companies reduce cost and improve efficiency.
Competitive intelligence and competitor research to help businesses define their market segment, target key customers, anticipate competitors’ actions and conduct effective marketing. These insights provide companies with the ability to respond quickly to new market trends and activities. However, before these insights can be fully utilized, companies must first gather and analyze the relevant data. The following tips will aid in the process of developing and maintaining a competitive analysis database.
Gather competitive data Sources for competitor research should include key performance indicators (KPIs), market intelligence reports, case studies, market surveys, and case histories. These sources allow for the evaluation of performance over time. Additionally, sources should be easily accessible. As an example, if a business focuses on the energy sector, it should not have to spend a lot of time researching through several different databases. Instead, the right source should provide a clearly defined set of metrics that focus on the competitiveness of oil and gas and all of its segments and subsectors.
Conduct a comprehensive search The most important part of Competitor Research is to conduct a comprehensive search of all potential competitors. Not only should a company look at their direct competition but also any subsidiary businesses that could impact the company’s market position. A full search of all of a company’s competitors should provide a complete picture of market dynamics, product designs and marketing strategies. As well, a full search of business competitors will help to determine which business competitors to focus on when forming a new company or re-focusing a current company’s efforts.
Create a competitor dashboard The Competitor Dashboard provides essential information for performing a comprehensive competitor analysis. The Competitor Dashboard will list current and historical market data as well as competitor analyses. The Competitor Dashboard should provide easy access to key performance indicators and a concise definition of each. The Competitor Dashboard is very important because it provides a centralized location for companies to gather and compare their data in one place.
Conduct a content review The objective of a content review is to get to the heart of the competitors activities. After conducting Competitor Research, companies need to understand their competitors activities, products and services. The purpose of a content review is to provide a clear picture of the competitors activities and products while also allowing a company to understand their competitors and determine their strengths and weakness. A content review is especially useful when conducting Competitor Research because it allows a company to conduct research on their competitors without spending money on market research. Companies conducting Competitor Research should review a competitor’s website content, marketing strategies, sales tactics and other relevant materials.
Make your company visible in the online world With the help of Competitor Research you can increase your visibility and brand awareness. To begin conducting Competitor Research, you might want to create an internal/external Competitor Analysis website where company employees and external customers can view competitor dashboards and competitor research. You might also want to include a search tool on your company website so that customers searching for information on your company can find you easily. Another way to get your company visible in the online world is to use Search Engine Optimization (SEO). With SEO, your site will be placed high in search results for certain key phrases that will increase traffic to your site and increase your visibility in the online world.
Increase your competitive advantage By using Competitor Research, you will gain an understanding of how your competitors have been successful and what makes their sites so different. You can also use Competitor Research to improve your current online marketing strategies by studying your competition. By reviewing these competitor’s websites you will gain insight into the best ways to promote your company, gain new customers and increase your customer base. There are many benefits associated with Competitor Research, one being the ability to successfully increase your company’s search engine rankings, your website will be listed higher in searches which means that potential customers will be able to find you easier and more efficiently.