Competitor research is one of the most strategic and efficient ways to set your budding business apart. Doing this single step allows you to identify where your competitors are falling short, and where you can truly shine.
Today, we’re digging into how you can do the process in a few easy steps, as well as additional tips for your best results yet.
Read on to learn more about how you can do competitor research, an absolutely unmissable step in your business planning process.
How to do competitor research in ANY industry
Competitor research is a skill that you’ll learn once — but it’s the skill that keeps on giving. Here are a few simple steps to help kick off your competitor research process:
- Make your list and check it twice. Condensing your list of competitors to three-five top options will help you keep your research process succinct and efficient. If you’ve niched down, I recommend remaining in your niche for the best and most specific results. If you haven’t yet, feel free to swing wide and see what your other neighbors are doing — even if their scope is broader.
- Do an e-audit. Don’t limit your competitor research to a single channel. Your customers will encounter others’ brands across their span — which means that you can use this opportunity to step into their shoes and identify exactly what changes your channels need to be equally competitive.
- Record what you find. Data is only as helpful as the quality of its storage and use. As you audit, be sure you’re recording the data in a tool that offers sustainable reference and ongoing use. Notion, ClickUp and Google Docs are all helpful data storage options to consider if you don’t have one you enjoy yet.
- Make an action plan. The problem with competitor research is when it’s done, but yet not utilized. You want to make this investment of your time worth it. Consider rounding out your experience by creating a modular action plan suited to where you currently are in business and aimed at your future goals and aspirations. There’s no time like the present to start building your dream operation!
Competitor research tips for entrepreneurs
Looking for more? Here are a few expert tips to help you make the most out of your competitor research process.
- Focus on funnels, pricing and customer experience. By staying focused on evaluating these three core areas, you can more efficiently revamp your brand and provide a more cohesive flow for your clientele.
- Don’t get stuck in analysis paralysis. Competitor research shows you an endless stream of opportunities and “shoulds” for your business. Don’t let this trap you. Inaction is still, in itself, action.
- Experience the brand as much as possible. Consider making a customer email address and getting as far into the funnel as you can. Truly experiencing the brand can give you higher-quality research.
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