How to Identify Competitors

Knowing what your competitors are doing is a great way to make successful decisions when considering how to keep current customers, and attract new ones. Sometimes, the best way to expand your business is to maintain a deep understanding of competitors and what they are offering consumers. Here are some tips on how to identify your competition and use it to your advantage

Google Keywords

Nowadays, if a business can’t be found online, then it is near enough invisible. 85% of consumers use the internet to find local businesses which means you need to have an online presence to be relevant. Start by making a list of the top keywords that directly relate to your business and bring traffic to your website, then Google them. This way you can see which of your competitors are ranked highest, usually those on the first page are companies you can consider to be main competitors. Your only competitors online are those who are digitally relevant to keywords and concepts within the nature and scope of your industry niche.

Pretend you’re a consumer

You need to look at your market and think where would be the first place you would go. You might be extremely passionate about your product or service and think its top notch, but there has to be something in it for the customer. Sit back and think truthfully about what you would do as a consumer, would you go on Twitter? Use a phone book? Ask a friend? Do all these things and find out what, or who, crops up the most.

Define your market and customer

You need to clearly pinpoint your target consumer and make sure that the competitors you consider are attracting that market. Analyse the material on these competitor websites and think if this content serves the need of your target demographic. If so, then take note of what they are doing to make their site so appealing, this can be a starting point for things you need to do in the future.

Be aware of competitive edge

Keeping up with your competitors is something you should be doing regularly; especially keep track of those you consider to have an advantage over you. This could be anything from special offers to competitions or simply a higher end product/service. Knowing what they are up to can help you analyse what works for your market. Did a special offer go down well? Good, that means you could do it in the future. Did the latest event stink and have little attendees? Good that means you know not do it

and it may not appeal to your target.

Start spying

If you really want to dig deep then sign up to competitors newsletters, catalogs, or mailings. Business is always changing so if you keep up to date then you can look at what they have to offer and think why your product or service is better. Any features that you possess that others don’t can be used in your marketing strategy, and will also help when it comes to sales.

Now that you have all the information you can start using it to your advantage and become more competitive. Use what you have learn to optimize your business!

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How to Identify Competitors How to Identify Competitors Reviewed by Arup K Seth on 22:46 Rating: 5

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