Awareness of your competitors’ choices and offerings reveals important information about your market and provides valuable insights into your customer base. The targets and successes of your competitors can help you identify gaps in your own approach. Follow these three tips to boost your competitor research plan and reap the benefits!
- Identify features your known competitors use.
- Visit websites and promotions to take an objective look at their offerings and how they apply to your customer demographic.
- Create a checklist that identifies the isolated elements to apply to each competitor’s profile.
- Note calls to action, offers, design level, content and any other relevant data points in each profile for later review.
- Obtain a mix of primary and secondary research data.
- Look for websites that help you get more information about your industry and competition. Websites, like Alexa.com, exist that track demographic statistics related to those frequenting your website and the competitions’.
- Identify filters you can use to narrow your search for more effective results. Think industry-specific terms and keywords.
- Dive more deeply into your data.
- Google® offers a variety of tools that track relevant data on your own site, show search trends and send alerts on the info you are interested in.
- Analytics can be used to gather relevant data and to understand implications.
- Qualitative data allows you to clarify while quantitative data puts it into perspective; do both.
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