Believe it or not, your rivals are always on the prowl for your customers. They conspire to set you behind with smarter strategies and research tools. According to Arthur Weiss, MD of UK-based Aware, “By monitoring competitors on an on-going basis, you get to know their behavior, and so can start to anticipate what they will be likely to do next,” he adds, “You can then plan your own strategies so that you keep your customers and win (not steal) customers away from competitors.”
Importance of competitor analysis in strategic planning
Analyzing your competitor is an essential component in strategic planning which evaluates how your organization stands amongst your competitors. With the help of a deep and comprehensive competitive analysis strategy such as benchmarking, you will have an advantage to explore out any barriers, challenges, and weakness that may hinder your performance in a longer run. So, given everything, it is not unfair to remain on top by keeping a tab on your competitors. In fact, reviewing your competitors will make you know them better. Moreover, you can analyze and draft out a strategic plan to make your product or service better than theirs. If you find it challenging to implement a competitive review analysis then you can always consider hiring review management companies. It will help in saving the time spent on conducting research on your rivals.
Competitive Review Analysis – Things to considerFollowing tips will make you play Sherlock and gather information on what’s happening with your competitors.
Google Searches are ok. What’s next?You know that a simple Google search would lead you to most things that you would like to know about your rival businesses. But then, there are several other Google recommended tools and AdWords campaigns that add more to these search results. For instance, SpyFu is a helpful resource that researches upon the Adwords / keywords that your competitors are investing in. You may also resort to Google Trends, Google Alerts, and other tools that allow you to dig deeper.
Routine Tracking of Competitors – Online and OfflineIn the contemporary scene, industry analyst firms such as Gartner have updated reports on advocacy groups, trade associations, and other industries. The researches and studies evaluate the firms/ people who are (or should be) among your competitors. They also tell you about your unmet market needs and where your industry is heading in the next few months. Professional Review Management Websites undertake competitor analysis, compare the number of reviews for the competitor’s business, and check the social buzz to aid your cause. These websites will also give you facility to manage your reviews and increase your online reputation.
First Hand Information from Customers57% of users, including your customers, search the Internet on a daily basis. Out of these, 46% of search outputs are for products and services. So, when it comes to tapping into the right information, it becomes essential to speak to the most obvious of them all – your customers. How would you like to enhance your business performance by finding out about their past buying history or who have they switched from? Then, there will be customers who have deflected to your rival agencies; know what they preferred about them or what was the cause of their dissatisfaction.
Most review management companies would spy on your competitors dexterously. Uncover a bit of information with their aid. Very soon, you will start leveraging the benefits of knowing what others in your industry are doing. So, are you ready to take a sneak peak at your competitors?Tags: Competitive Analysis, Horizontal Image