How can you come up with an effective strategy if you don’t know what your business competitors are doing? This is precisely why research plays an important part in identifying their strengths and weaknesses to help you improve your business performance.
Take advantage of the information available online to search for your competitors. Here are four places where you can take a peek into your rivals’ marketing efforts:
1. Company website
A firm’s official website gives you all the important information about your competitors–objectives, products, services, and sometimes even clients. This can help you identify the direction of their strategies and compare those with yours. By having a point of comparison, you’d be able to weigh your products and services, which will aid you in planning what you need to develop to outstrip their tactics.
2. Social media
They can be on Facebook, Twitter, Instagram, and other social networking platforms. It’s important to check their branding approach, including their bio page, photos, and shared content. Knowing how they present their line of products can help you veer away from the same strategy to set you apart from them. You can also sneak into their fans or followers and go through their public profiles. This can help you determine who they are targeting and how you can answer the demands of their audience better.
3. Content sites
Companies maintain blog and video sites to enhance customer engagement by inviting their target market to converse with them. Interactive tools are effective in expanding one’s audience through discussions. See what type of topics, infographics, images, and videos garner likes and shares on their content page. In doing so, you’d be able to identify what types of content you should feature on your sites to appeal to your own market.
4. Review sites
Knowing your competitor’s reputation is vital in determining how other people perceive their brand. A quick Internet search can give you a gist of their online reputation, but there are sites catered to specific industries where you can check company rankings and feedback. By visiting those, you’d get a glimpse of their strengths and weaknesses, as well as pointers on what to avoid to keep your brand from getting negative reviews.
Tracking your competitors online helps your business have an edge over others. It allows you to work on your strengths and turn your company’s weaknesses around. Have you traced your competitors lately? What insights have you gained?