1. Understanding Research on Competitors
Research on competitors involves gathering and analysing information about businesses offering similar products or services. This process helps you understand market positioning, identify gaps, and develop strategies to outperform rivals.
2. Why Competitor Research is Important
- Identifies market trends and opportunities.
- Highlights competitor strengths and weaknesses.
- Helps you refine your pricing and marketing strategies.
- Prevents you from being blindsided by new entrants or product launches.
3. Types of Competitors
- Direct Competitors – Offer the same products/services to the same target audience.
- Indirect Competitors – Offer different products but compete for the same customer spend.
- New Entrants – Emerging businesses targeting your market segment.
4. Key Areas to Research
- Product/Service Offering – Features, quality, and variety.
- Pricing Strategy – How they price compared to market averages.
- Marketing Approach – Advertising channels, messaging, and branding.
- Customer Experience – Reviews, testimonials, and service quality.
- Distribution Channels – Online, retail, or hybrid sales models.
- Strengths & Weaknesses – Unique selling points and problem areas.
5. Methods for Gathering Competitor Information
- Online Research – Review their websites, social media, and online reviews.
- Mystery Shopping – Experience their customer journey first-hand.
- Industry Reports – Use market research data from reputable sources.
- Customer Feedback – Ask customers why they choose competitors.
- Networking Events – Gain insights from industry trade shows and forums.
6. Useful Tools for Competitor Research
- SEMrush / Ahrefs – Analyse competitors’ online visibility and SEO.
- Google Trends – Monitor interest in competitor brands.
- SimilarWeb – Check website traffic and sources.
- Social Blade – Track social media growth and engagement.
7. Analysing Your Findings
- Identify patterns in customer preferences.
- Spot opportunities to differentiate your business.
- Recognise areas where competitors outperform you and develop improvement plans.
8. Turning Insights into Action
- Adjust pricing to match or outperform competitors.
- Improve marketing campaigns with stronger messaging.
- Innovate product features based on customer demand gaps.
- Strengthen customer service to gain loyalty.
Frequently Asked Questions
How often should I research competitors?
At least quarterly, or more often in fast-moving industries.
Can competitor research be done for free?
Yes, but premium tools provide deeper insights.
Should I focus only on direct competitors?
No, also monitor indirect competitors who could attract your customers.
Is it legal to research competitors?
Yes, as long as you use publicly available information.
What’s the difference between market research and competitor research?
Market research looks at the whole industry; competitor research focuses specifically on rivals.
Can competitor research help in launching new products?
Absolutely—it helps identify gaps and set competitive pricing.
Conclusion
Conducting research on competitors is essential for staying competitive and innovative in today’s market. By systematically gathering, analysing, and acting on competitor insights, you can strengthen your position, attract more customers, and achieve long-term growth.