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 an adequate research of competition and response to your competition? If you want to succeed you will need to 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 the researching your competitors to make the right decisions about the future action steps of your company.
Who are they? What they are doing? How what they are doing impact on your small business? What 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 competition.
Let’s talk about 9 steps that you can use in order to do a research on competitors.
#1 Start Researching Your Competitors on Google
The good starting point for your research on competitors is a 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 the social media. Look at Twitter Search and Facebook to find possible company profiles that can be your competition. You can also check Google Plus that have a really great potential for different informations 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 you are not using that information?
#4 Ask your customers about your competitors
Your customers are the best source when it comes for your competitors. Why you not ask them about what they think for your competitors.
#5 Conduct a survey to do research on competitors
Surveys are a consistently good source of informations when it comes to your market research and your competitors.
#6 Suppliers can be the good information source
Suppliers can also be suppliers for your competitors. Why 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 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 5 times why on everything when it comes about your competition. That’s something that will lead you into the much deeper research of your competition.