Unique brand positioning brings client loyalty and commercial success. There are several above-board techniques to spy on competitors. We explore the 10 guidelines or a successful competitor analysis.
1. Attend professional conferences
Attending trade shows and professional conferences is a fantastic way to discover your rivals’ strengths and weaknesses. Take a peek at your competitors’ booths at these conferences and evaluate what they’re selling, how they engage with consumers and what information buyers are able to take up from them.
2. Analyse industry reports
Companies having stockholders in the United States or your country’s equivalent will be required to submit reports with the Securities and Exchange Commission. Investigate the files of your local planning commissions, the Patent and Trademark Office, and the Environmental Protection Agency, since they may all provide useful information.
3. Analyzing your competitor’s website
You may find hidden pages by searching “file type: doc site; company name” on Google. Additionally, you may use tools provided by Google or related to AdWords and Google campaigns to get a deeper look at your competitor’s website. You can use Google Alerts, or Google Trends, or SpyFu. To do comparative marketing analysis, SEO is a simple area to get started with since there are a number of tools you can use that will help you see where you are in relation to your competitors.
4. Defining their social media marketing weaknesses and strengths
Today, a company’s capacity to watch, analyze, and participate on a variety of social media platforms is what will define its future success. To stay on top of your competition, you’ll need to do quantitative and written marketing analyses. You need to determine the following:
- Platforms: which social medial platform is your competitor using?
- Frequency: How frequently your competitors post on social media?
- Following: Keep track of your major competitors’ social media followers.
- Content: Notice whether your competitors are marketing their own content offerings and articles or other industry content developers.
- Share a voice: Is your company a thought leader in product or service-related dialogues, or do rivals dominate?
- Response time: How do your competitors answer queries or issues raised by clients on social media?
5. Analysing your competitor content marketing strategy
A company’s ability to differentiate itself from the competition may be enhanced via effective use of content marketing. If you consider a few indicators, you may get an idea of how well your content and the material of your rivals are doing in terms of value creation. These factors include content type, publication frequency, quality, relevance, and audience.
6. Analyzing their email marketing strategy
Subscribe to the email list or newsletter of your competitor’s website so that you may get notifications from them. You may examine their emails by using the variables like sender score, mobile optimisation, content, and frequency of emails.
7. Conducting a survey among your competitor’s employees, suppliers, and customers
Survey your industry’s participants to get a detailed report. You may contact the competitor’s partners, employers, suppliers, or customers with service questions. You may then separate your service from the competitors.
8. Hire your competitor
You may recruit competitors’ workers and work with competitors’ partners. Then you may learn how these firms work and what they plan to accomplish.
9. Analyze their hiring strategy
Your competitors’ job opportunities and criteria may teach you a lot. This may reveal their corporate structure and initiatives.
10. Communicate directly with your competitor
After doing your study, you might phone your competitor and ask questions. You’d be shocked how many firms will tell you something.