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Competitor Research & Competitive Analysis

Let’s talk about how to do competitor research and a competitive analysis that will allow you to increase the revenue of your business.
 
It’s critical for you to know exactly how you compare to your competitors.
 
If you don’t thoroughly research your competitors it will be impossible for you to differentiate yourself from them, it will be impossible to create and execute an effective marketing strategy and you will likely make a lot of other strategic errors.
 
Or, to put it in simple terms, you will fail.

How To Do Competitor Research

 
So let’s look at the most efficient way to do your competitor research.
 
Sources of information
 
You can find information about your competitors in:
  • Social media groups and industry forums. This tells you what people say about your competitors.
  • Your competitors’ websites and social presence. This tells you what your competitors say about themselves.
 
Specific Research Questions
 
These are the questions that need to be answered:
 
Who are your competitors?
  • What are their names?
  • Where are they (if location matters)?
  • How long have they been established (if this matters)?
 
Services
  • What services do they sell?
  • What do they do well?
  • What do they do badly?
 
Reputation
  • What do people think of them? This could be as simple as reading reviews if they exist.
 
How do you compare?
  • Why would someone pick you ahead of them?
  • Why would someone pick them ahead of you?
 
Marketing
  • How are they generating leads (as far as you can tell)?
  • What is their Unique Selling Point?
 
I strongly recommend creating a simple spreadsheet that includes all of these questions across the top and the names of your competitors down the left and the answers in the middle.
 
Having everything on one screen will make it easier for you to see the entire competitive marketplace and see how you fit into it.
 
If you want to focus more specifically on keyword research, check out this guide from SEM Rush.
 

Using your competitor research to get customers

 

Your competitor research alone will not generate revenue.
 
You will also need to use it to develop a unique selling proposition.
 
People need to be clear about why they should buy from you and not your competitor.
 
After attracting your target market to your website you will need to make sure that you have created an effective funnel and addressed all of the website trust required to maximize conversions

Download Our Free ‘Start A Business’ Guide

Use our “Impact Entrepreneurship” checklist to start your business and make the world better.

  • Adam Radly

    Founder
    Founder of IIMAGINE. More than $100M raised. TEDx Talk about passion > 1 Million views. Founder of World Reconciliation Day with Nelson Mandela. Founder of One Direct Democracy.