When it comes to business growth, introspection is only half the growth. You also need to look outward and research your competition to have a bigger perspective of your position in the market.
And the good news is, you can enjoy the advantages of knowing your competitors without breaking the bank. Here are a few ways to research your competition on a dime or even for free.
1. Use the Digital Space
It may sound obvious, but one of the first things you need to know is: who are your competitors? Once you’re clear about the players who are also vying for your clients’ business, research your competition by scouring the digital space. Your first stop? Their website, of course. Find out who the company is, its history, and its business.
In addition to that, Google the company’s name and see where else they turn up. By doing so, you’ll find out about previous media features and other significant website mentions.
2. Check their Socials
When talking about digital-age competitor analysis methods, one avenue shouldn’t be missed: social media. Stalking other players’ Facebook, Instagram, and Twitter accounts can give you a good perspective of their following and community. How many followers do they have, and how engaged are their followers? In the same vein, you’ll also have a chance to check out their social media management tactics.
3. Be a Customer
What better way to research about your competitor than by being their client? For instance, if you want to learn about the quality of their product or how long they deliver, place an order yourself. Similarly, if you know why customers are raving about the competitor’s pizza, go ahead and sink your teeth into a slice.
4. Attend a Conference
Another way to learn more about a company is by going to the same event they’re attending. For instance, going over their booth and seeing what they’re up to will give you valuable info about their business. It’s a huge plus if one of their execs is speaking at the event. The talk could educate you about their company culture, traction, and goals.
5. Chat with Your Suppliers
One key to obtaining information about competitors’ business interests is by chatting with the person you have in common – your suppliers. What products or services are other players placing huge orders for? Are there any pain points visible to the supplier? Knowing the answer to these questions would give you a bigger picture of the company’s overall operations.
6. Ring Them Up
Here’s a straightforward way to research your competition – give them a call. If there’s a specific question bugging you about the firm, just ask them. For instance, let’s say you want to know how many cakes the other shop on your street can produce daily. One way to know is to simply ring them up and ask. You might be surprised at how most ventures are willing to give you info on the fly without much prodding. Yes, sometimes in business, all you have to do is ask.
