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Boost Your Digital Marketing Strategy With Competitive Research Analysis
Competitive research is the process of gathering and analyzing information about your competitors in order to gain a competitive edge. This can include studying their products, pricing, marketing strategies, and even their weaknesses. The goal of competitive research is to identify your competitors’ strengths and weaknesses so that you can develop strategies to address them. For example, if your competitor has better name recognition than you, you may implement an advertising campaign to raise awareness of your brand.
The amount of research required depends on the size and breadth of your competition. If you are facing off against one or two major competitors, it will take much less research than if you are in a highly competitive industry where there are dozens of players. Regardless of the size of your competition, it is important to stay up-to-date on their latest moves. This can be done through various sources such as industry publications, social media, and even their own website.
Competitive research is an essential part of any business strategy. By understanding your competitors, you can develop strategies that will help you win the race to the top.
How To Perform Competitive Research?
Now that we have a better understanding of what competitive research is, let’s take a look at some of the ways you can perform it.
Industry Publications – Reading industry publications is the best way to get intel on your competitors. These publications are full of valuable information about your competition’s marketing strategies, products, and services. You should also keep an eye on their advertisements since this can give you valuable insight into what kind of products they are selling.
Social Media – Social media is a popular place to share content and information. By monitoring your competitors’ social media accounts, you can get a better idea of how they are marketing themselves.
Website – Many companies put a significant amount of time into their own website. You should take a look at the “about” pages as these often have valuable information about their history, goals
Google – Google is the most popular search engine in the world. By typing in your competitor’s name followed by “reviews,” “pricing,” or “products,” you can find a wealth of information.
Yahoo! – Yahoo! is another popular search engine. By typing in your competitor’s name followed by “news,” “products,” or “reviews,” you can find current news and information about them.
Bing – Bing is the search engine developed by Microsoft. By typing in your competitor’s name followed by “images,” “news,” or “products,” you can find images and information about them.
Bizrate – Bizrate is an online shopping website. It has information about thousands of different retailers and manufacturers, including your competition. If you search for a specific brand, you can find detailed pricing information as well as customer reviews.
Amazon – Amazon is the world’s largest online retailer, making it the perfect place to conduct research on your competitors. You can search for specific brands or products by using the “search inside this book” feature, which is located at the bottom of each book’s product page.
Pricegrabber – Pricegrabber is an online shopping website that lets you compare prices from different retailers before you buy. By typing in your competitor’s name, you can find out how much they are charging for their products.
Google AdWords – Google AdWords is a paid search engine. If you have a budget, you can use it to place ads for your competitor’s products. This will allow you to see what keywords they are targeting and how much traffic they are getting from those keywords.
Conclusion
By using the techniques listed above, you can gather a wealth of information about your competitors. Armed with this information, you can develop strategies that will help you win the race to the top. Competitive research is an essential part of any business strategy. By understanding your competitors, you can develop strategies that will help you win.