15 easy ways to find out what the competition is doing. Every business, however innovative it may be, has different competitors who seek to position themselves in the market just like you. For this, they may have the same target or a product very similar to yours. Whatever the case, these businesses aim to sell more than you and block you from doing the same. Because of this, to beat the competition, you must be one step ahead of them. Thus, in this blog, we will teach you how to find out what your competitors are doing and take advantage of it.
The importance of analyzing the competition of a company
Since its inception, companies have had a lot of competition between the same sectors. In fact, competition is a good indication when starting a business because it means that your product or service already has a solid market.
Thus, the importance of having competition lies in the fact that without it, you wouldn’t be able to know if your business will be successful. Besides, it allows you to know how viable or profitable the business you want to start is. For this, knowing the amount of time that the competition is in the market is vital. Here are some questions that can help you start an analysis of your competition:
- What are your motivations and your strategic goals?
- Who are our competitors? Are there any potential competitors?
- What are your short-term and long-term strategies?
- What are your weaknesses and strengths?
The main objective of this analysis is to know and predict what the market behavior is and what the possible changes are in its strategy. Once you know this, you can start to plan your actions as a business to stand out.
5 reasons to analyze the competition
Although we already explained the main importance of analyzing your audience, we would like to emphasize it more.
For this, we will explain every detail about why you really should analyze your competition.
Besides, many companies or businesses never think of this type of study to optimize and boost their own brand.
This type of analysis is vital to able to achieve your corporate objectives.
Not only that, but it also helps you to know your clients better and offer them the best possible services.
Because of this, here are some reasons why you should analyze your competition:
Know where and with whom you compete
At this point, it can be a total differentiator between achieving success and not.
By knowing who you compete against and what they do, you will discover a niche that is neglected to which you can offer your products.
This will increase your profits and customers because dissatisfied customers from the competition will come looking for you.
Take advantage of these elements that may fail in your competition’s business to satisfy them before breaking into the market to surprise them.
Know how the competition sells
Understanding how your competition earns their income and their type of business will help you create an equal or better strategy for your clients.
What’s important here is to review their website, online store, social media, or any other means they use. This way, you will be able to understand the process and closing of their sales. It doesn’t matter if it’s online or offline. This knowledge is crucial.
You can also pass yourself off as a customer. By this, we mean that you can ask questions to the work team, review their offers, and contact them through their accounts, among other forms of communication.
By doing this, you will be able to know first-hand what aspects of the competition they can improve and how they interact with clients.
Study the client and ways to find out what the competition is doing
To understand your weaknesses and strengths, taking a look at your clients’ opinions is vital.
Most often than not, brands monitor their mentions on social media and different media platforms.
Thus, find out what people say about your competitors’ products or services.
A media monitoring tool can get all the data and insights you need, including your competitor’s movement.
Knowing what they think about the company can help you better understand everything and get new ideas about it.
Adopt good ideas from the competition
As important as knowing your weaknesses is knowing what works and what doesn’t.
For this, take a look at the competition’s new and good ideas.
Once you do this, try to find a way to adapt them to your own business or grab inspiration from them to come up with your own ideas.
As a result, you will be able to offer the best of the best to your clients.
Monitor the activity and evolution of your competitors
Be attentive to each of your competition’s movements. Make sure you know what they are doing, how they do it, and where their new marketing strategies are heading. Besides, it is important to be alert to the signals they give about a change in how you do things.
It’s best to have someone to measure the quality and effectiveness of the actions in both companies. The most important data that you should compare are:
- Market share.
- Percentage of profits in the market.
- The number of published patents.
- New product launches.
- The number of followers on social media.
- The number of interactions with clients or followers.
Each of these aspects will help you to have an approach to how your competition works better. Besides, you will know them in greater depth, and you will be able to correct some mistakes that the other company may be making. Take advantage of each of their mistakes.
Learn about ways to find out what your competitors are doing
After explaining why you must do a deep analysis of your competition and what are the aspects to which you must be more attentive, we present 15 ways to understand who your audience is and how to know what they are doing:
Identify your competition
As we explained to you in some of the first reasons, before starting an analysis of the aspects you want to know about your competitors, you should know who they are. For this, you can make a shortlist of 10 main opponents and then move on to the monitoring part of these companies.
Use the profit and income figures to calculate the business size compared to yours. If you cannot get this data, you can do a little research in the Google search engine or even find out how many followers it has on social media. We know that these methods aren’t very precise, but at the moment, it’s one of the simplest ways to know the company’s magnitude.
Consider not only the companies that are better positioned than you but also those that are new in the industry. Don’t take your eye off them. One of the first rules you should remember is never to underestimate your opponents. No matter how small they are, they may have a better business strategy than you, and you should be very attentive to their movements.
Investigate the strengths and weaknesses of your competitors
Remember to take a few minutes to do a SWOT analysis of both your business and your competition.
A SWOT analysis is a small graph or list that helps you identify a business’s strengths, weaknesses, opportunities, and threats.
You can do this as a comparison with your own business. In both ways, this analysis will help you know where your competition and brand are similar and where they differ completely.
Buying from your competitors
Pretend to be a customer and have the full experience of buying from your competitors.
Don’t think of it as an investment in them. Think of it as a study and an experiment.
You can learn a lot from your competitors’ methods and systems when selling with their customers.
In addition to that, you can see flaws in them or what steps you can copy and improve to give you everything your customers want.
Understand every aspect of your content marketing
Check each of your competition’s content on social media or blogs on their website.
There you will find many of your competition’s hidden messages and motivations, and they will tell you a lot about who they are and where they want to go.
If the brand has it, also listen to their podcasts on YouTube channels and what the influencers of the brand say about them. Don’t leave out any content.
Search them on Google and see what comes up, ways to find out what the competition is doing
The most important search engine in the world may be one of the first places you should look at.
There you can find a lot of information without spending a lot of time or money on research.
All you have to do is search for the name of your competitors on Google. Easy right?
On it, you might find a bad reputation or excellent reviews of their products. As some say, “the internet does not lie.”
Research your sales tactics
Some of the biggest problems for some small and medium-sized companies is getting new customers and purchasing with your business.
To understand how your competition does it, here are some questions to ponder that will help you find out:
- How is your sales process?
- Where do they sell?
- What are your customers’ reasons for buying or not buying?
- Do you have discounts on your products or services regularly?
- What is your income?
Look at their ads and ways to find out what the competition is doing
Analyze each of their ads on social media or their website.
This way, you will know how they are trying to reach new buyers.
See the interactions. Do they have a lot of likes or just a few interactions?
Discover your pricing strategies.
Try to find out how much your competition charges for products or services similar to yours.
Although this can be difficult to define and compare, use those prices as a reference.
Also, do a little research to understand why a similar product costs more or less than yours.
Pay close attention if your competition is trying to position itself in the market with a better quality product at a higher price.
This last point may be a strategy for a different market than yours.
Set up Google alerts to monitor your competition.
Google Alerts is a free tool that allows you to receive daily or weekly notifications to monitor your competition.
These notifications feature a news headline list for the relevant words and give you coverage of the press you receive.
Although this technique is not the easiest, it’s a passive way to review and monitor your competition.
Go beyond Google search
Although Google is an amazing tool for researching your competition, you should go a little further if you want to know everything. If you did step-by-step research, Google would be the first.
Then you would have to do more research to find out about the lesser-known competitors.
With this, we can get a lot of benefits since they will be useful to determine:
- Changes to your competitors’ web pages
- Mentions in online press and social networks
- State of your financial situation
- Industrial property evolution
Monitor changes to your web pages
Keep an eye on what happens on your competitors’ websites. We know this sounds like a tedious and boring task, but it’s important. Besides, there are currently tools to monitor what’s new on your competitors’ websites.
One of these tools is Semrush. Semrush’s mission is to inform you of any change in Google rankings that occurs on a website.
Knowing the developments in which your competition is leading can be vital for the success of your business. For this, all you have to do is monitor their industrial developments.
This is even more important if your industry is one of those where industrial property and patents are in full swing.
The main problem with doing this with some anticipation is the amount of information that you end up dealing with. To avoid this, you must frequently consult patent databases such as Espacenet or WIPO.
Analyze your competition’s online marketing strategy
This goes far beyond just knowing their number of followers on social media platforms and the approximate number of likes and comments. 15 easy ways to find out what the competition is doing.
Here you have to understand how they use social media to position themselves in customers’ minds. Many users are using keywords in conjunction with different SEO tool tactics. Some of these tools are:
Question their Clients and your clients
If you really want to learn more about your competition, subtly ask their customers what they think.
You can pose as a customer and ask questions on the forums or social media and encourage conversation about it.
You can also ask your new clients what they think of the suppliers or companies they followed before joining yours.
Similarly, ask customers who leave why they did it. This will give you a much clearer idea of what your competitors are offering and how you can improve your own business.
Ask your suppliers
Businesses in the same industry tend to share the same suppliers as the competition. These can be your allies when it comes to getting information about your rivals.
Keep in mind that they don’t reveal information about the units that they sold to them.
Because of this, you should ask more general questions regarding the volume of sales and the products they purchase.
If you are friendly and astute, you could ask delicately to obtain information that can be very useful for your business.
Get to know them better
15 easy ways to find out what the competition is doing. When a competitor is ahead of you, do your best to find out why and how.
However, don’t use it as an excuse to concede defeat.
Once you understand what the other is doing to make the clientele prefer them, find out what you could change to make yourself more attractive.
It’s not just about copying everything other people do but taking their best ideas, testing their effectiveness, and perfecting them.
BluCactus, your ally in Digital marketing, 15 easy ways to find out what the competition is doing
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