If you’re a business owner, chances are you have an online presence. Whether that be a website, Facebook page, Instagram feed or Twitter account, you are bound to have taken up some online real estate in the recent past. With that said, the same goes for your competitors. This is why doing an annual competitor analysis is so important in today’s world. Competitor analysis can give you insight into what your competitors are doing, and will help you elevate your business to far exceed their standards. Whether you are utilising a web scraper or just doing competitor research manually, there are many benefits to doing so. In this article, we will look at the importance of competitor research online, so read on to find out more!
- Knowledge Is At The Core Of Everything
Knowledge is power, and knowledge about what your competitor is doing is even greater power. Competitor research enables you to gather the necessary information you need about what others are doing, why they are doing it and how they are doing it. This knowledge will enable you to have that competitive edge, as you will be able to pinpoint your competitors’ weaknesses and develop a strategy to change your own approach to the same topic. The information you gather will also enable you to have a look at what you are up against, and assist you in making any changes to your business model if necessary. Without knowing what others are doing, it is virtually impossible to evolve your business, so competitor research is the way to go.
- Learn More About Your Niche Sector
Yes, you have a niche. Yes, you have probably done some deep research into said niche and your target audience. But the truth is, you will never know it all. This is where competitor research can come in handy. Follow your competitors, sign up for their newsletters and updates, and you instantly have a treasure chest of information on your niche, without even having to lift a finger! It is highly likely that you will come across data and information that will assist you in gaining deeper knowledge about your niche, and thus elevating your business to greater heights. Always remember – no one knows it all, and the only way forward is to be humble and open to learning every single day.
- Learn From The Success and Failure of Others
Throughout history, humans have learned and evolved based off our ancestors’ past failures. This is no different when it comes to running a successful business with longevity. When analysing your competitors via competitor research, you will be able to have a look at not just their weaknesses but also their strengths. Learning from their mistakes will enable you to avoid making the same ones, whilst implementing their successful strategies will help you move towards greater success. When it comes to their failures or mistakes, take note, and brainstorm on how you could improve on what they have done wrong. Understanding successes and failures are pivotal in learning from them and in turn, running a highly successful business.
- Lastly, Let The Giants Lead The Way
Now, whilst we don’t condone being lazy when it comes to marketing for your business, we have to admit that the top dogs know what they are doing. Instead of you doing the hard work, have a look at what the top companies in your industry are doing. What kind of products are they producing as of late? Who do they seem to be marketing to? Truth is, giant companies also have a gigantic budget when it comes to market research – something not everyone will have the luxury of access to. Utilise competitor research for a treasure trove of information that you can gather without having to spend top dollar, and then adapt it to your company model and bob’s your uncle!
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We hope that this article has helped open your mind up to why competitor research is so incredibly important in running a successful business in 2018.