BusinessHABApple computer repair near me: If you run a business, you apple computer repair near memight consider conducting research on your competitors to better understand how well your product or service is performing compared to theirs. This typically involves identifying who your competitors are and analyzing your own business methods and performance. By using this information, you can develop effective strategies of your own. In this article, we review what competitor research is, its benefits and how to conduct competitor research for your own business.
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1. What is competitor research?
Competitor research, also known as competitive research, is a type of marketing strategy that focuses on locating companies with a similar product or audience and closely assessing their promotional and sales efforts. Evaluating your key competitors’ performances allows you to compare their strategies with your own. You can use this information to identify positive product features, marketing efforts or potential improvement areas to strengthen your product, service or promotional strategies.
2. Benefits of competitor research
Conducting and closely evaluating the performances of companies that sell products similar to yours can help you better understand what customers search for in their ideal product, service or brand. Common benefits of conducting research on your competitors can include:
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Gaining insight on your target audiences: Understanding why your target market uses competitors’ products tells you what features they look for when shopping for a product. This can help you discover certain market trends you can consider when building future marketing strategies.
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Identifying gaps in the market: Reviewing competitors’ results may help you find areas within the market that they haven’t served or targeted. You can then implement marketing efforts that appeal directly to this demographic, potentially leading to a wider target audience for your brand.
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Applying improvements: Comparing your company to competitors helps you locate their strengths and improvement areas. You can use this information to update your own efforts and make your business more appealing to customers.
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3. Get the Benefits of competitor research
Conducting and closely evaluating the performances of companies that sell products similar to yours can help you better understand what customers search for in their ideal product, service or brand. Common benefits of conducting research on your competitors can include:
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Gaining insight on your target audiences: Understanding why your target market uses competitors’ products tells you what features they look for when shopping for a product. This can help you discover certain market trends you can consider when building future marketing strategies.
-
Identifying gaps in the market: Reviewing competitors’ results may help you find areas within the market that they haven’t served or targeted. You can then implement marketing efforts that appeal directly to this demographic, potentially leading to a wider target audience for your brand.
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Applying improvements: Comparing your company to competitors helps you locate their strengths and improvement areas. You can use this information to update your own efforts and make your business more appealing to customers.
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4. Locate your key competitors
To effectively and accurately log and compare data, identify businesses that work in a similar industry, sell products related to your own and target the same market. Conducting online research on your specific product or service categories can help you locate brands similar to yours. Note these brands and their target audiences, along with the types of products they sell. Consider reaching out to your potential customers to ask which products or services they prefer to ensure you have a wide variety of competitors to track.
5. Place your competitors in categories
Once you have a list of potential competitors to track and assess, you can further separate them into detailed categories, which can include direct and indirect competitors. Your direct competitors are companies that sell similar products or services to yours and target the same audience.
Indirect competitors typically feature products that differ from yours while targeting a slightly similar audience. They could also sell similar products but target vastly different audiences. When sorting these competitors into their respective categories, you may find that you have a smaller set of direct competitors you can assess more closely. Alternatively, you might also have a wider range of indirect competitors to examine using different strategies since they’re not as closely related to your company.
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6. Review your competitors’ marketing efforts
After categorizing each of your competitors, locate their advertising campaigns, marketing efforts and social media accounts to better understand their online presence. It’s helpful to review their websites as well to learn the types of content they publish and the information and topics they offer their audiences.
As you continue to gather information about your competitors, consider signing up for their marketing efforts to ensure you gain exclusive access to all of their campaigns and content. Try to compare features of their marketing efforts and product information with your own. Common elements to note and compare with your own brand can include:
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Ease of use and navigation of the website and mobile options
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Clarity, simplicity and descriptiveness of products and features listed on the website’s product page
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Quality of content such as blogs, reports and e-books, and how often the competitor updates this content
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The activity of social media pages
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7. Use a spreadsheet to log your findings
You can use a spreadsheet to monitor and track your findings effectively. Link the websites, social media handles and other online media forms on a spreadsheet to find and access your competitors online for regular updates. You can adjust other columns of the spreadsheet so that you can easily note any changes or updates you see in your competitors’ content.
You can also use this information to understand which changes your competitors make, including the new products they introduce, pricing plans they update and marketing or promotional activities they implement. It’s helpful to create simple labels and spreadsheet tabs so that it’s easy for you to locate and review essential information, such as company names, websites, social media channels, product features and promotional campaign screenshots.
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8. Read online reviews to find improvement areas
An effective way to learn how well audiences respond to competitors’ campaigns and products is to review their consumer feedback. Try reading product review websites to understand which features customers enjoy and what they prefer the competitors offer to improve their products. This can give you a better idea of which features to add to your own product design.
You can also review your competitors’ social media outlets to learn how many people reacted to their campaigns by reviewing their likes, comments and shares. Note both positive and negative feedback so that you can consider both when developing your own strategies.
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