Do you know what your main competitors make on the market? What are your responses? Do you have a strategically implemented process that will lead you to adequate research of competition and response to your competition? If you want to succeed, you must start researching your competitors.
If you want to succeed, you as an entrepreneur, must always look with an eye into your competitors. You must always use the information you get from researching your competitors to make the right decisions about the future action steps of your company.
Who are they? What are they doing? How does what they are doing impact your small business? What do you need to do?
These questions will always surround you and your business. Because of that, you will need to start researching your competitors—your current or future possible competitors.
Let’s talk about 9 steps that you can use in order to do research on competitors.
#1 Start Researching Your Competitors on Google
A good starting point for your research on competitors is Google, the biggest online database. As a first, you will need to make a list of possible keywords that your customers will use to solve the problem that you and your competitors offer the solution. Look at different keywords that describe your business, your market, and your industry. Especially, pay special attention of different keywords that potential customers will search on Google.
#2 Continue With Researching Your Competitors on Social Media
Another place where you can continue with your research on competitors is social media. Look at Twitter Search and Facebook to find possible company profiles that can be your competition. You can also check Google Plus, which has a really great potential for different information that will interest you.
#3 Ask your sales team for information about competitors from customers
Your sales team is in everyday touch with your customers. They know what your customers think about your larger competitors. Why are you not using that information?
#4 Ask your customers about your competitors
Your customers are the best source when it comes to your competitors. Why do you not ask them what they think for your competitors?
#5 Conduct a survey to do research on competitors
Surveys are a consistently good source of information when it comes to your market research and your competitors.
#6 Suppliers can be a good information source
Suppliers can also be suppliers for your competitors. Why do you not try to draw out information about your competitors from them?
#7 Look at their offer
Their offer is a place where they describe the value that they offer to the market. It’s an incredible source of information about you.
#8 Ask questions about them and their action steps
Ask questions about them and their action steps. Ask a lot of questions, and try to find the answers.
#9 5 Why
On each piece of information or on each question that you as an entrepreneur give answers about your competition, use the 5 Why. 5 Why means that you need to ask yourself five times why on everything regarding your competition. That’s something that will lead you into the much deeper research of your competition.