Researching Your Competitors to Get to Know Yourself Better

Market research is a critical component of any marketing plan. 

A good marketing plan has to take into account everything happen in the target marketplace, which includes information on prospects, customer, and competitors.  The only way to know what your competitive advantage is or to create one  is to know what your competition (and you) does or doesn’t have.  Good market research will not only help you uncover untapped opportunities, but prepare for emerging threats. 

Here are some steps to help you prepare a sound marketing plan of action by learning your completive advantage:

1. List your top three competitors you want to research
2. List the top three benefits of each competitor
3. List the top three benefits of your product or service
4. Compare the two lists
5. How are you unique compared to them?
6. Write down reasons that customers would do business with your company (Make the list long)
7. Write down why they might do business with you competition (Make this list long
8. Scratch off the common reason and determine if the one that are left are compelling competitive advantages
9. Visit each competitor’s website and answer these questions?
   1. Does the company appear easy to do business with?
   2. How does the company’s identity compare to yours?
   3. What is appealing?
   4. What isn’t appealing?
   5. Have friends and customers answer the question you just did in a survey
   6. Summarize what customers are getting and want but aren’t getting from your competition
   7. Do business with your competitors and document the good and bad

You now have a lot of information about you and your competition. 

You know what they do and what they do poorly and you know the same about yourself.  Use this information to capitalize on your strengths that they don’t have, improve your weaknesses, and maybe develop some new strengths and you will gain a tangible, quantifiably competitive advantage.