In a world with so many different businesses offering the same service and product, it is very difficult to make sure that your company is at the forefront. One thing that can help, however, is offering your consumers a detailed competitor analysis.
This is an extremely important factor in any social strategy, as one can be sure that their customers will be doing research of their own; therefore, it is key to conduct the same research yourself. This allows you to see which areas your company is truly the best in, and which areas you need to work on.
It also shows you what your competitors’ weaknesses are, so that you can utilize them to your own advantage, and what their strengths are, which you can then implement into your own social strategy. Because creating a competitor analysis is so crucial, you must be sure to approach it the right way.
Which companies should you research?
Regardless of what your product is, there is sure to be a vast number of competitors to research. The more of these you look into, the better your competitor analysis will be, and the more your own company can benefit as a result.
First, you will want to search for companies that offer the same service or sell the same product. To save time, you can weed out the smaller, less heard of companies, as it is safe to say that their lack of success is directly correlated to a poor social strategy.
Next, you will want to expand the focus of your search and look into companies that may not be exactly the same, but still sell a similar product and attract the same consumers. For example, if you are a motorcycle lawyer, your primary concern will be other lawyers who work in the same niche, but your secondary could be firms that focus on car accidents.
How does your competitor reach customers online?
Knowing where you’re your competition is drawing customers from is also an important part of a competitor analysis. By simply typing in your competitors’ websites into Open Site Explorer, you can discover exactly which blogs and online newspapers have linked those sites. Chances are, if those sources were willing to write articles about other companies like your own, they’ll be willing to do the same for you. This allows you to make sure that you are drawing consumers from all the same places, ensuring that you don’t miss out on any of your competitor’s resources.
Keeping track of other companies’ online activity can also help you make necessary adjustments. For instance, if one competitor is having a sale on a certain product, you can retaliate by doing the same, or making it clear why your product at a higher cost is a better deal.
What does your consumer think?
Another great way to see what is working and not working for other companies is reading up on reviews of their services. Customers are obviously the most important factor in succeeding as a business, so knowing what they want, need, like, and don’t like is imperative.
Therefore, by researching reviews on your competitors, you can see what they are doing right, which you can then emulate, and what they’re failing at, which you can then improve upon to make sure your company has everything a consumer can possibly desire.