How to Keep a Check on Your Competitors Through Market Research
You work hard to market your brand effectively. But what if your competitors have found a way to gain an advantage over you? Even when you’re doing everything “right” according to your own market research, your competitors can find a way to change the rules of the game and send you back to the drawing board.
Successful marketing involves constant change in response to a changing market. It’s vital to keep tabs on what your competition is doing and how successful their strategies are. This allows you to adapt before they gain sizable momentum quickly.
Market research allows you to keep track of these constantly changing variables. Are you looking for proven market research techniques to help you gain and keep the edge in today’s market? This article will explain a few of the beginning steps you can take. We’ll show you how to find out what others in your sector are doing and how to use that information strategically.
1. Monitor Their Social Media Presence
Social media is where today’s market research begins. What kind of conversations are your competitors having with their customers? How are customers responding? What kind of language are their customers using to discuss their needs and wants? What do their customers say they’re looking for in a product or service?
“Listening in” on your competitors’ public conversations with customers is a fantastic market research method. Once you know what kind of conversations are happening on the other side of the fence, you can identify opportunities they’re missing. Take advantage of those opportunities, and you’ve just gained a competitive edge.
Are you following your competitors on social media? If not, take our advice and start today! This includes Facebook, Twitter, YouTube, and any other channels they’re using. How often are they posting, and what kind of content do they offer? Be sure to read user comments on your competitors’ posts. Also, consider how they handle customer complaints, questions, or criticisms. Do customers seem satisfied by online interactions with this brand? If not, your brand has an opportunity to set itself apart.
If you’re overwhelmed by the thought of tracking multiple competitors, consider a listening tool such as Hootsuite. These tools can help to streamline the process and make it more manageable. They can help you to filter the social media streams you follow so you only see what’s most relevant to you.
2. Assess Your Competitors’ Email and Chat Correspondence
Using a tool like Owletter to understand your competitors’ email marketing campaigns can be valuable. If you’re not already subscribed to your competitors’ email lists, you should be! But we all know how exhausting it is to sort through marketing emails. Manually searching through every email to identify patterns and trends can easily become a full-time job. Instead, an email marketing analysis tool can quickly scan every marketing email and notify you about relevant patterns.
Have you ever interacted as a customer with your competitors via email? Sending an email with a general inquiry, like help with garment sizing or questions about pricing, can be worthwhile. This can help you understand how your competitors send personal messages to their customers. Compare and contrast their approach with your own brand. Are they doing anything to set themselves apart? Can you identify any areas of weakness you want to avoid in your own correspondence?
A closely related communication channel is live chat. If your competitors offer a live chat feature on their website, it’s a good idea to hold several conversations with them, playing the role of a customer. Did you have a satisfying experience? If so, think about replicating what you saw. If not, make sure to avoid your competitors’ mistakes.
3. Evaluate Your Competitors’ Websites
Sure, you’ve probably visited your competitors’ websites to see what they’re up to. But it’s helpful to do a deep dive and thoroughly analyze the user experience they offer.
Compare your own website to your competitor’s, side by side. Is your competitor’s website easier to navigate than yours? Do their graphics look more outdated or more sophisticated than yours? Do they offer features you don’t, such as blogs, video content, or pdf downloads? Are they using a more appealing color scheme than you, or do they have a logo that’s more eye-catching than yours?
To analyze a competitor’s online game even further, use a tool like Spyfu to understand how they’re using keywords. Spyfu can identify which Google keywords a site has purchased. Want to know how your competitor ranks on Google for individual keywords and how they got that ranking? Spyfu can do that too!
4. Stay Aware Of Any Rising Competitors
You can probably name several of your top competitors off the top of your head. However, it’s important to keep tabs on rising stars in your sector before they make it into the big leagues. A tool like SEMrush can help you identify new competitors as they enter the market. Find out what new competitors are doing that sets them apart from everyone else. You may find some new products, keywords, or marketing strategies your brand can use, too.
How else can you learn about new businesses to watch for? Keep an eye on local business directories for any new names, and conduct frequent internet searches for products and services similar to yours. Also, be sure to talk to your customers about the competition. Where else have they shopped, and how does your brand compare? It’s wise to ask for customer feedback by sending surveys after a service or purchase.
5. Consult With The Experts
Thorough competitive market research takes time and expertise. The professionals at Personalized Creative have years of experience and powerful tools at their disposal. We can help you understand your competition on a deeper level. We can also identify strategies that will help you edge out the competition and help you implement those strategies well. Contact us today to learn how our team can help your brand stand out in today’s competitive market!