Don’t focus on what the competition are doing, use it to add FOCUS what you are doing.
“Your ability to learn faster than your competition is your only sustainable competitive advantage”. (Arie De Gues)
Market Research is a powerful tool, however, informed research can be an expensive investment, particularly for smaller businesses. One way to learn faster about your market is to leverage insight that your competition already have. We take a look at some competitor analysis tips that will help you in the run up to the Christmas rush.
- Example: Noticing that competitors are highly active in directories and map listings may indicate that there is considerable market in the local area and that customers are location sensitive – this might inform your decision to focus on promoting your local pedigree, fast/free-shipping, or local telephone number.
“3 years from now what will our differentiator be?” (Kotler)
Reviewing the USP & competitive advantages of any rival will help any business plan how best to position their own offering, adopting a one-size fits all approach to product development or sales rarely yields the results your business needs. However identifying, and adapting to trends in the market allows you to build in future USP’s without the need to suddenly disrupt your business today.
- Example: Noticing that a competitor has a compelling on-site video explaining service might indicate that they have a simple user-friendly interface. If you notice that your business may decide to focus more on conversion pages and calls to action to push your distinctive price point. On the other hand, if you notice you competitor is targeting a high amount of traffic to their website, you might decide that implementing a social media strategy to nurture long term leads might be a more appropriate long-term strategy to talk about the benefits of your products & services.
“It is of the highest importance in the art of detection to be able to recognize, out of a number of facts, which are incidental and which vital”. (Sherlock Holmes – Arthur Conan Doyle)
- At any one time there may be a number of areas you want to improve in your online marketing, a common list includes:
- Responsive Website
When prioritising any of these actions it would be simplest (and most appealing) to list the actions in terms of what you think may drive the maximum potential revenue to your business, however, informing this decision might not always be so easy.
- Example: By using competitor intelligence reports, a business can re-evaluate their priorities and gain maximum revenue by focusing on areas where their competitors are weakest. An example of this can be seen in the matrix below:
“To improve is to change; to be perfect is to change often” (W. Churchill)
As a small to medium business, how do you get your hands on quick and effective competitor analysis to inform and guide your business decisions and online marketing strategy?
Broadplace have recently teamed up with Silktide, a competitor intelligence specialist to launch Broadplace engage+, a powerful report which can benchmark your activities against up to 3 competitors online. This service is provided free of charge on a quarterly basis to our existing clients. To see how this can help your business contact one of our consultants on 08005335655 for a no obligations competitor intelligence research quote.