SAN ANTONIO - Conducting competitive research can give you edge over the competition.
Businesses are either growing or shrinking. There’s no in-between these days. Competitive research is a crucial part of any good marketing plan. In fact, four out of five of your competitors have already researched YOUR business within the last year. Why not return the favor and gain an edge in the market while you’re at it?
This easy strategy is something any business owner can do, and it will help you grow each time you do it.
What is competitive research? Competitive research involves identifying your competitors, evaluating their strengths and weaknesses and seeing how your own business stacks up. The benefits to doing competitive research are understanding your market, improving your marketing, identifying market gaps and planning for the future. It’s ideal to do this research each quarter.
How To Conduct Competitive Research
First, identify your top competitors on Google and make a list. You’ll find that your competitors vary in size and offer a wide array of products and services on the same turf as you. You’ll even discover that there are other companies who primarily offer “other” services, but have started offering your exact services as an “add-on” such as an air conditioning repair company who starts offering plumbing services. Make sure that these companies are included in your research because even companies who offer your primary service as an “add-on” can sneak up on you, taking a huge chunk of market share in no time.
Read your competitors’ websites. Once you’ve identified your main competitors, you want to look at their website, and make note of what products and services they offer. Also see what their best deals are. You’ll need to know these things so you can come up with offers that beat them.
Read your competitors’ Facebook pages. Look at where they are working within the city and see what big jobs they are working on or new products they are rolling out. As they said in that movie 300, “THIS IS SPARTA!” Between a competitor’s website and social media, you’ve got a ton of information that you can use towards a very competitive strategy.
Line up your findings against your own offerings and come up with competitive offers. See where you can compete the most within price, speed or unique offerings. If you can’t beat their price, then offer a “faster” service than them. Think of a unique offering that will separate you from everyone else and make sure you stay front and center with these offerings with your consumers.
Wish you had a crystal ball to see your competitive future? You already have one. It’s called the Bexar County Assumed Name Registration Database. This website shows what businesses registered an assumed name certificate within any date range. For example, you can do a search for the word “air,” and see all the companies who registered a new Air Conditioning Repair company in your county. Most big metro counties have a website where you can see this information for free. Use your findings to see what new competitors are coming your way.
Summary: Do regular research on your competition and make sure your offerings are as good as or better than their offerings. Be consistent with your offerings and keep an eye on the future of your competition using online tools. If you do these things regularly, you’ll always have an edge!
With successful digital campaigns, local businesses can grow their bottom line fast. Our team at Sinclair Broadcast Group and Compulse Integrated Marketing can help your business grow by developing smart digital marketing campaigns based on research and data. Call us today and start your company’s journey. We’ll help you navigate to a successful future in a cost-effective way.
Questions? Call Darrin Cheraso at (210) 377-4721 or email firstname.lastname@example.org