The Importance of Competitive Research
You’ve certainly heard the phrase “Keeping up with the Jones,” but have you ever stopped to think how it could apply to your business? While the phrase is typically appointed to social status outside of the office, it’s also one that should help drive your business strategy. Understanding what “The Jones” (aka, your competitors) are up to will help you identify whether your products and services are above the bar, right on par or need some work.
Each market across the US has many similarities but also many differences. Without fully understanding the market that you’re in, you’re bound to miss opportunities for growth. One of the best ways to understand your market is to get to know your competition. And know them well. Conducting competitive research doesn’t need to be formal if you’re a one-man-show within your organization. It can be simplified and still give you great insight. Sign up for your competitors’ emails. Visit their stores. Check out their marketing and advertising programs. Even having a friendly relationship with your competitors can prove to be mutually beneficial…after all, we have to stick together in this industry. Don’t just stop at competitors of your size either. Be sure to get the scoop on the whole spectrum. Businesses that are smaller and larger than yours are both worth looking into.
Another key part of competitive research is to look at not just your direct competitors, but at current product, service and marketing trends. See what other industries are doing for their customers. Is there a theme that could translate to your business? Be open to learning about the bigger picture trends and thinking outside the box. As a consumer yourself, take note of buying experiences in your own life and you’ll be sure to glean a few keen ideas from them.
Once you have knowledge in hand, you have to actually do something with it. Don’t let your efforts go to waste and make sure to do competitive research periodically, but consistently. Take what you’ve learned and implement it into your strategy. Did you see something you’d like to try on for size? Perhaps you saw something you know would never work within your business. Either way, with a more robust understanding of the market you’re operating in, you can make better decisions to grow your business.
