You start with a business keeping in mind all the services your customers require, put in a lot of effort, and eventually, lose your customers. Who wants this to happen to them? Obviously, no one! Therefore, it is essential to learn about your competitors beforehand so that your business runs as smoothly as you want it to. Yes, you read it right – competitors it is. No matter how much we wish their non-existence, they will always be there competing with you. Hence, you must do thorough research on your startup’s competitors. The article will explain to you various ways on how to investigate your competitors.
#1 Outreach Google Search
It goes without saying that every research begins with Google search. However, there are numerous tools that are either supplied by Google or that are in relation to Google’s search results and AdWord campaigns that are likely to provide you with appealing insights into your competition.
SpyFu, Google Alerts, and Google Trends are some examples.
#2 Report
The best way to win in your business is to keep a track of your competitors online and offline. Various organizations can help you by providing you with the right information like who are your potential competitors and the market requirements that have not been met yet.
More resources to help you dig up information include Hoovers, Keyword Spy, Compete, and Alexa.
#3 Go for Social Network
These days, many companies have started using social networking websites to promote their businesses. Now, what is in it for you? You can do the same thing and get feedback from your customers in the form of reviews. Furthermore, you may look at the reviews on your competitors’ accounts to find out why they are good and how you can be better from them.
#4 Inquire Your Customers
To identify your competitors, do not forget the obvious sources of information – your customers. Speaking to them will help you gather the information that you would not get anywhere else. They will inform you who your competitors are and how their experience with them is. This way, you can get to know what improvements you need to make in order to be superior to your rivals.
#5 Go to Conferences
Being present at industry trade conferences and shows can be a great way to understand who your rivals are and what do they offer their customers.
#6 Confirm from Your Suppliers
If your suppliers also supply some of your competitors, then it would be worth having a conversation with them. Instead of asking how much volume of a product is ordered by a certain company, try asking them which product has been pre-ordered. This way, you will be able to find out which product is more in demand.
#7 Employ Your Opposition
One of the best strategies to outmatch your rivals is to hire employees from their firms, especially the ones involved in sales. In this manner, you can find out answers to how they operate, what are their aims, what is on the horizon for them, and various other questions.
#8 Keep an Eye on Who They Hire
Find out the jobs your competitors are looking for. The eligibility criteria and job requirements will explain to you the kind of software they use, the tasks that they are up to, etc.
#9 Conduct Surveys
If you wish to comprehend everything about your competitors, conduct a survey and send it to them. This way, you will be able to compare response time, price, and et al. You will hence know how to go about your business and how to differentiate yours from them.
#10 Speak to Your Competitors
Once you are done finding out who your competitors are, you can always call them and ask whatever you wish to. You will be surprised to listen to the answers the way you wanted them to be. However, always ask questions indirectly instead of a straightforward manner.
It does not matter if you are old or new in the business. All that matters is the amount of time and effort you give and the services you provide. If your customers are content, then nothing can stop you from leading in your field.
