HOW TO SPOT YOUR COMPETITORS?
- Perform keyword searches for keywords relevant to your product or service, but don't stop with the first ten results. Check out the other pages as well; you never know what you'll find. If you need assistance, we have PPC and SEO audits.
- Look up “best of” lists on the internet. You'll probably notice that some of the list items appear on several lists, and you may begin to cross-reference them.
- Using the keywords from your Google search, search the App Store and Google Play Store.
- Speak with the people who make up the target market. They'll tell you how they're currently resolving their issues. This could spark some new ideas that you hadn't considered before!
The Investigation
Once you've compiled a list of your competitors, it's time to investigate each one by gathering qualitative (can be measured – such as number, duration, cost, and so on) and quantitative (can only be observed, but not measured – such as opinions, appearances, and so on) data. That if you or someone else wants to refer to the research document at any stage, it won't entail digging through unnecessary bits of details, the document you're creating should be brief and in spreadsheet form.
Make a list of the characteristics you'll be researching and comparing. These characteristics must be relevant to your product or service. Here are a few examples:
Why does the product or service work, for example, what problems does it solve?
Find out who is new on the market and who has been around for a while.
The competition's revenue sources – how does it make money? What are product sales?
Primary navigation categories – to consider how it is organised and whether the marketplace is horizontal or vertical.
Wish lists, favourites, saved carts, and personalised content experiences, for example, are all examples of personalization functionality. How does a customer personalise his or her experience?
Social networking – how does the competition use social media to support itself?
Features and Benefits of Competitive Advantages
THE ANALYSIS
It's time to analyse your raw data once your spreadsheet is full. Your aim is to compile a profile of your rivals, evaluate their advantages, identify vulnerabilities in their strategies, and identify strategic opportunities for you to capitalise on. Use different colours to highlight the data that is important and functional so you can concentrate on that instead of the less valuable data you've collected. You will keep track of patterns, parallels, best practises, and trends this way. It's also much easier to scan color-coded text on a white background than black text on a white background.
Taking Action
Once you have a good understanding of your competition, you should be able to see holes and openings in the market where you can gain a competitive advantage. Your study can yield negative results, but that can work to your benefit as well: you avoid swimming with the sharks and can contribute alternative ideas.
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