One of the key elements to building a successful business is to determine your who your exact competitors are in the market. Competitor research is absolutely an essential part of your marketing strategy. You need to know who your competitors are to differentiate your brand, product, or service rather than just making assumptions.
As a business, you need to identify and monitor your competitors because you need to know;
-What they offer
-How much they want customers to pay for their products or services
-Who their current customers are
-What marketing tactics they’re using
-What’s different about them compared to your products or services?
How do you identify your competitors?
There are 2 main types of competitors that you should be on the lookout for.
1. Direct competitors: These are the companies that sell the same product or service as your business.
2. Indirect competitors: These are companies or brands that don’t sell the same products or same services, but are in competition with your brand digitally.
The most basic tactic to identify your competitors is to conduct market research. Looking into the market for your product or service and seeing which companies are selling the same product as yours using the kind of marketing tactics should be your focus. Once you have all this data, you can tweak your marketing efforts accordingly to outperform them.
Another tactic would be all the customer feedback. They can be used in many ways such as to improve your product, add new features, and strengthen your market presence. You can always ask your customers about which company’s products they used to buy and what they like or don’t like about that specific brand. You can learn so much about your competitors from your customers, even the ones that you didn’t know about.
Looking into online communities on social media or other forums is another way of coming across different competitors. You can always read through conversations on community forums or social media platforms to see which of your competitors people are talking about.
Lastly, keyword research is another great way to identify your competitors. A competitive SEO analysis always helps to find out who is competing in the same space. Your customers are looking for your products and services by searching via using certain keywords on search engines, so in the digital space, you’re not only competing with your direct competitors, but also with some indirect ones.
To conclude, as a business, always add competitor research to your overall marketing strategy to differentiate your brand from the competition and stand out in your target audience’s minds.
Cheers!
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