With new strategies, tools, and market requirements emerging almost every day, today's business environment is becoming increasingly competitive. Only fifty years ago, it was much easier to start and maintain a business. However, rapid technological progress has made launching a commercial undertaking a lot more difficult.
Picking up business skills can also be tricky, so students would be far better off if they pay for college papers and not write them on their own.
You’re probably wondering now, ‘How come Steve Jobs and Mark Zuckerberg made their business empires so famous and profitable?’ There are a lot of reasons for that, but all you need to know at this point is that your main obstacle on the way to a successful business is your competitors.
First of all, you need to know who they are, why they are better than you and how you can make your company more profitable than theirs. You should find all possible information about your rivals, review it carefully and draw corresponding conclusions. To make things easier for you, we have created a guide on how to study your competitors and benefit from the info you get.
1. Conduct your website B2B SEO analysis.
Every 5-year-old kid can search for something on Google, but you’ll need much more advanced tools to get the results you want. Here are several professional instruments that can help you do just that:
- Alexa — it will help you improve your website’s traffic by using analytics about your competitors and uncovering their keywords.
- Google Trends and Google Alerts — this tool is useful for monitoring current trends and checking who and when your competitors were mentioned on the Internet.
- SpyFu — It gives you an insight into the keywords or AdWords that your competitors are using.
There are also lots of apps and platforms for B2B SEO analytics:
- SiteWorthTraffic — a free service designed to check the value, daily pageviews, revenue and ranking of any website. You can also get detailed info on site traffic, shared links on social media, the geographical location of a web hosting server, IP address, and earnings per month or year.
- Website Authority Checker — a tool checking link effectiveness and priority on a monthly basis.
2. Get some official info.
You’ll need not just statistics but legitimate information about your competitors’ operation. To be able to get it, you should head over to the official websites of the United States Security and Exchange Commission, the United States Environmental Protection Agency, and the US Patent and Trademark Office. There, you will find more detailed data about the products and services your competitors are offering.
3. Do a SWOT analysis for your SMM.
All major companies make extensive use of social media websites, such as Instagram, Facebook, Twitter, Pinterest. LinkedIn, Youtube, and others. It is also the easiest way for you to learn more about your competitors.
Any information you can get there may be useful. When looking for it, you should keep in mind the following questions:
- What kind of platforms do they actively make use of?
- What kind of content do they mostly share - video, pics or text only?
- Is it high-quality content?
- Who they are following and who are their subscribers?
- How often do they respond to comments and direct messages?
4. Get feedback from your customers.
This is an essential instrument for developing your business, which is why you should always value your customers and their opinion. Whenever you get new customers, you should ask them what services they used before and why they chose you over them. And when a client leaves, you should ask them what went wrong and what steps you should take to improve the situation. Also, you should make use of analytic polls - it is cheap and effective.
5. Visit conferences and conventions.
You go there anyway, so you should just pay attention to what your competitors’ products and strategies are. Knowing that will help you to get to know them better.
6. Poach employees from competitors.
This is probably the best way for you to get an inside look at your competitors. After all, no one knows a company better than its employees. There are a lot of benefits for you here — a person with experience in your area can bring you new customers. But first, you should learn how to hire an employee from a competitor and make sure they’re not spying for them.
7. Check your competitors’ job openings.
Find your competitors’ vacancies on job search websites and learn about their departments, professional level, investments, expansion possibility, what projects they are working on, and their corporate policy. Also, try answering these questions:
- Who do they want to hire?
- What are their requirements?
- How many positions are available?
- What salaries do they offer?
We hope you found our tips useful. Just give them a try and watch your competitors go green with envy!
What are effective methods to research your competition?
- Website SEO Analysis
- Obtain info
- SWOT Analysis
- Get customer feedback
- Go to Conferences/Events
- Poach employees
- Check competitors job openings
Topics: Sales & Marketing