Competitor research is a fundamental part of today’s competitive environment. Competitive rivalry is a constant in all industries. The nature of business, product design and customer expectations drive competition. It is a dynamic and ever-changing field. Many companies are actively engaging in competitor research. A good competitor analysis involves identifying your company’s competitive strengths, weaknesses, opportunities and threats, as well as how your competitors are dealing with those issues.
Competitor analysis is a systematic process that evaluates and monitors competitors and their strategies, products, and target markets. Competitive research in strategic management and marketing is an objective evaluation of both the strengths and weaknesses of competitors and their current and future strategies. This comprehensive analysis gives both a defensive and offensive strategic perspective to identify threats and opportunities. Competitive SEO is one step ahead of your competitors, giving you a clear competitive advantage, improving your position and increasing your profitability.
Competitor analysis is a proactive strategy used by small and mid-sized businesses to secure market share and stay ahead of their competition. The objective of this comprehensive strategic management process is to build long-term competitive advantage by understanding the current and long-term trends in the market, what the competition is doing, why they are doing it, how they are working and who they are competing with. This comprehensive strategic management process improves your ability to react to the competition quickly, efficiently and effectively. Additionally, it helps you understand the competition so that you can plan your future strategy moves and actions better.
Competitive benchmarking and competitor analysis to help you build effective long-term competitive advantage. Competitive benchmarking and analysis provide companies with valuable insights into what their competitors are doing and why. In addition, it identifies competitive signals or key areas of strength, weakness, opportunities and threats and the actions necessary to exploit these aspects to your advantage. These crucial strategic decisions to improve your ability to respond to the competition, strengthen your competitive position and ensure your continued growth and success. Competitor research also provides companies with the insight into their competitors’ activities and strategy which enable you to respond to emerging opportunities and challenges with effective strategy moves, which in turn lead to growth and profitability.
Competitor research methods to help you gather and compare information about your direct and indirect competitors. While it is possible to gather information about your direct competitors via traditional market research methods such as surveys, interviews and directories, these can be time consuming and inaccurate. The time factor also presents a problem as it often means waiting for responses to come in from potential customers, which can take months before we actually know if there have been significant changes made as a result of customer feedback. Furthermore, surveys provide limited and aggregate insights which do not give a full picture of customer perceptions and motivations. However, while a simple phone call or email can provide you with limited and aggregate data, comparative analysis using tools like the Competitor Search Tool and the Competitor Scorecard can give you a much richer and more detailed picture of your competitors’ activities, motivations and strengths enabling you to take timely strategic action.
Competitor Research Tools The tools offered by Competitor Research Online enable you to conduct comprehensive and sophisticated competitor research. These tools make the process of researching competitors much easier, particularly for smaller businesses that do not have the budget to carry out on-site research. The various tools available for this research allow you to: Find profiles of key business rivals, Find strong areas of overlapping business interests and Find competitive features and attributes. You can also drill down to specific industries, regions or specific cities to get more specific results. This gives you the information you need to formulate effective strategies and take necessary steps to develop your brand name and position in the market.
Competitor Search Tools The competitor search tools available online to provide an easy and convenient way of searching for and locating businesses with similar products, services or business models. The advanced technology used by these services to enable them to filter their results to provide customers with more relevant and targeted results. You can find businesses in your target market and gain valuable insights about their strategy, management practices, industry traits and other important information that can help you develop a unique strategy and reap maximum rewards from it.
Competitor Search Metrics The Competitor Search Metrics offer the right way of evaluating your competitive marketing efforts. The metrics allow you to: Find competitive intelligence trends, Find competitive intelligence profiles of business rivals and Find competitive intelligence attributes and competitive attributes of key players in your target market. These are highly accurate and up-to-date business intelligence statistics that enable you to make informed decisions regarding strategy and evolve your brand identity to achieve maximum success. The accurate and up-to-date results from these metric tools provide the right direction for you to evolve a strategy that works in your favour to grow your business.