Knowing your competition is crucial for your business, and in this business blog, we share three reasons why competitor research is integral to your business.
You’ll Get To Know Your Competitor
Determining who your competitors are is essential for any business. We invest time in reviewing our client’s competition activity before putting together our marketing plan. Time spent doing competitor research will enable our clients to get the edge when it comes to their PR and marketing activity.
It Will Help Explain The Why
Researching your competition will answer those ‘why’ questions. ‘Why do they sell so much of ‘X’, when you offer ‘Y’?’ Why have they just appointed that individual with a completely unrelated industry experience as their head salesperson? Looking at your competition can give you subtle insight into their next move or changes in the market that you may not have noticed.
You Can Fill In The Gaps
Your competitor research will help you find gaps in your marketing. These gaps could be lucrative to your business and sales. Look into the areas that your competitor is currently investing in and take a look to see if it might be valuable for your business too.
You Can Benchmark Your Success
Benchmarking is evaluating something by comparison. It is a very useful tool in assessing your future success and for reviewing your marketing strategy. Comparing your success to your competitors will give you a good indication of how your brand is performing. Benchmark your success alongside that of your competitors to keep track of your performance. Choose your closest competitor in size when benchmarking.
Being familiar with your competitor is a healthy sign, but don’t obsess over your competition. You should never attempt to copy your competition as you will always be one step behind. Being agile in your marketing strategy will allow you to adapt and change and do things better than your competition! To supercharge your business today and get in touch with our professional expert team to discuss how we can help push forward your business.