Importance of Competitor Research

Competitor research is a comprehensive approach to defining, assessing, monitoring and acting against competitors. Competitive evaluation in strategic management and marketing is an examination of your competitors’ strengths and weakness in a specific market niche. This analysis offers both a defensive and offensive strategic context to identify threats and opportunities. Competitor profiling enables you to act proactively against the competitors, while ensuring that their weaknesses are also identified and addressed.

Competitor research

Competitor profiling is the art of identifying your competitors with respect to their strengths, weaknesses and the type of strategies they adopt to defend or attack your business. It involves thorough market research and competitive intelligence. Competitor profiling enables you to understand your competitors better, their strengths, weaknesses and the type of strategy they adopt. The information provided by competitor research helps you make tactical decisions to counter your competition. It helps you devise and implement an effective strategy to dominate your respective sector.

There are various ways to carry out competitor research, which include: surveys, online surveys, focus groups, polls, questionnaire, focus group discussions and interviews. Out of these, surveys and online surveys are the most popular as they are the cheapest, are available at anytime, are convenient and give accurate information. Online surveys allow you to collect responses from a large number of customers and prospects. Through this method, you will have a complete and realistic picture of customer sentiment towards your products and services. These are helpful in analyzing target audience sentiment towards a product or service.

Competitor survey is another popular form of competitor research. Through this method, you can get detailed insight into the thoughts and aspirations of your potential competitors and understand their thinking process. Through this study you can also learn about their competitors, their strengths and weaknesses. The primary advantage of such a survey is that you can get valuable insights that help you plan your actions effectively and decide upon a winning strategy. Through this, you can gain valuable insights into the competitive landscape and analyze your business opportunities.

Competitor analysis using traffic analytics tool is another popular way of competitor research. It involves gathering the basic information on your competitors and reviewing them critically. Gathering such basic information is not cumbersome. You only need to visit the website of each of your competitors and collect the basic information using any one of the means available. In fact, it is preferred to visit a competitor’s websites and collect the basic information rather than visit websites of large competitors for collecting basic information of them.

After getting the basic information, you can use the available resources to analyze your opportunities. You can find several websites, which provide comprehensive and useful competitor research tools. These tools not only help you understand your competitors, but also help you formulate your marketing strategy. The information available through such tools enable you to analyze market conditions, target market, advertising strategy, competitor’s strength and weakness etc.

With the help of such resources, you can review your competitive positioning. It will help you identify your strengths and weakness in terms of market strategy and marketing strategy. You can analyze your strengths and weakness in terms of product quality, pricing, advertising strategy, customer service, customer preferences etc. After getting all the relevant information, you can formulate your marketing strategy and develop an effective marketing plan.

Competitor research tools are a great assistance for business owners. Apart from helping you to improve your website ranking, they also allow you to create effective ad campaigns using Google AdWords. Apart from that, they provide you with useful data about your competitors and help you decide the right kind of advertisement strategy, which is bound to work for your business in the long run. The benefits offered by Google Pla Research Tool are immense and are capable of helping any business owner compete effectively online.