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Studying the Competition Tells You a Lot About Your Market
Competition has always been a driving factor behind every significant innovation, renovation, or discovery. If it weren’t for natural human behaviour to outdo the competition, we would not be the civilization that we are today. Competitor research isn’t just about finding flaws and strengths of your rivals but more about understanding the entire market and positioning your company accordingly.
We focus a lot on the online facets of competitor research but inevitably must consider offline factors to account for the entire market survey and individual competitor strengths and weaknesses. Our research can help you increase sales, become more competitive, gain customer base or break into a brand-new market. You just need to tell us what your end goal is and we do all the research necessary to lay down a clear-cut path.
It Starts With You!
A common misconception is that competitor analysis is limited only to an evaluation of the competition. In fact, it begins by first evaluating one’s own company or business, the strengths, weaknesses, marketing strategies and everything that might be contributing to the success of failure of the current campaign.
When you sign up with us, we do an exhaustive evaluation of your existing business. How are you perceived online and on the social media? What products or services of yours sell best and why? Are you doing basic onsite SEO, using the right images, content placement strategies, and UX/UI design?
We first prepare a document on your business or project against which we can then compare your closest competitors.
With Us You Get A Holistic Analysis
Competitor analysis involves finding your nearest competition, who you must beat in the race for market supremacy. However, it also includes keeping an eye on those who are growing at a pace that might later become a threat.
In the process of analysing the competition, we always look at collecting best practices of the industry. Many times, just by studying the approach of a rival, you can find strategies and methods that would otherwise take you months if not years to discover. That is our primary intention, to figure out what the competition is doing better than you are and then leveraging that newly found insight to improve your business standing online.
Our competitor’s analysis also includes information on bestselling products, services, and pages for each competitor. Once we collect the data, we can advise creating specific pages, modify existing products or services to ride the wave of trust already established in the market.
One thing we promise is an exhaustive study of your niche. If the available data permits, we can even tell you the best means of marketing. Should you concentrate on social media platforms or directly target search engines? What about paid advertisements, link placements, guest posts? Once we are done studying your competition, we will exactly know what needs to be done to become the “Top Dog.”
How We Do Competitor Research
While the exact methodology of conducting competitive research varies widely subject to several factors, we do have a particular framework that we diligently follow. We always begin with an established structure in place and then continue to change the approach as we proceed deeper into our research.
Set up a Framework
Naturally, we start looking at any direct competitor by highlighting what their mission is, elevator pitch, products or services they offer, their strengths and weaknesses and finally the unique key brand differentiators.
In the process of laying down the framework for a direct competitor, we come across specific aspects of their business practice that is useful to track. These are the practices that we eventually bring to your website or business because we see it already works for the competition.
Select the Targets
Depending on your niche, we broaden our approach beyond your immediate competition. Quite often, you will face competition from secondary sources. For example, gourmet bakeries all compete directly with each other, but they also compete indirectly with supermarkets who stock large scale bakery products.
Even if you are in a brand-new niche where you are confident that there is no competition, you will have some amount of indirect competition. Learning their strategies, evaluating them can help you break into a brand-new niche with relative ease rather than trying to find a firm footing through trial and error.
Interact in Secret
After illuminating all the targets and establishing a framework on each, we interact with them to find out how they do their business. It isn’t just enough to study the marketing strategy of each competitor but to also understand how they deliver their promises and the service it entails. This kind of information is harder to uncover, but some of it is readily available.
The data collected at this stage is presented to you as actionable points in a full report that you use to grow your business and take over the market. Whatever information we collect is finally presented in an organized and complete report that goes above and beyond just internet marketing though our focus is purely on improving your digital presence.
Our 4 Commitments to You
1. Exhaustive Analysis
We study the entire market and not just those close to you. Depending on your requirements, we can target indirect or emerging competitors.
2. Actionable Intel
The data we collect reveals insights into competitor’s modus operandi and any information we pass down to you is actionable. Using our insights, you can and will experience a boost in business.
3. Full Report
We deliver a complete report to your inbox with all the data that we have collected during our research. We always aim to overdeliver.
4. Measurable Results
Following our competitor analysis results, will lead to drastic improvements in your rankings, sales and overall business growth.
Want To Improve Your ROI? Let’s Talk
We’ll never turn down an opportunity to discover how we can help grow your business.