Here at Search4Local, we want you to understand why competitor research is so important and how your business can benefit from this. It’s important to know trends in the market and what your customers want, but it’s also key to know who you’re up against and why those who are succeeding in the same market as you are doing so. With our combined knowledge, our team and your business can work together to help you develop your online image and digital advertising. Call us today to find out more about our services.
Identifying A Gap in The Market
To create a product or service that will not only sell but also compete well against your competitors, you should start by identifying a gap in the market. In terms of competitor research, this could be looking at what you rivals are missing out on and where they aren’t meeting the needs of their customers. You could do some primary research of your own and ask your competitors customers what they would want to see improve/ what the market is missing and see if you can work out a plan to fill that void. This may take a little bit longer than a simple price reduction or discount code, but the benefits could be major as you’ll have a unique idea for a product or service that is almost guaranteed to catch the attention of some people, it just depends on how you deliver it.
By taking notice of your competitor’s ads and prices they are offering their products or services at, you can implement strategic advertising into your own business. You may have recognised that a certain style of ad worked really well for one company, and these methods can be discussed with our team here at Search4Local to see what will work best for you. A competitor company may have deals on, which you can try and better for your own business and use to introduce new customers.
Another strategy would be to lower your prices and advertise this price reduction / promotion that you are currently offering. Offering online discounts, running promotions and competitions is not only a great way of retaining new customers, but also improving your brand awareness. Using strategic online advertising can be a great way to improve your sales and draw the attention towards your own business instead of your competitors.
Setting Standards for Your Business
When completing competitor research, you should be looking at setting standards for your business based off of the information you are finding. You can identify how you would like to be portrayed in terms of how the quality of your product or service is received, this could be via prices or deals you have on.
It’s useful to see where bigger businesses in your industry have succeeded or failed and how you can either avoid or follow what they have done. This could be anything from promotional campaigns to complete rebranding! Seeing what their customers have to say about them too shows how customer service has an impact on your brand. You want to ensure every aspect of your business is portraying a good image both online and offline.
Methods of Competitor Research
It’s useful to know methods of competitor research so you can decide where you’d like to start. If you’re looking to better your website, you can compare your domain and those of other companies to see how you can change things to help boost your domain and page authority. This is not instant or guaranteed, but there are things you can to do try and help it, you can find out more about this by contacting our team.
Take a look at what content successful competitors have on their site; do they have blogs? Do they have an FAQ page? Both of these things add useful information to your site which would increase the traffic to your site. Looking at other companies advertising methods has always been a great way to gauge your target audience. If you are unsure of which digital advertising methods would best suit your business, Search4Local are here to help you.
Contact Search4Local if you want to see why competitor research is so important and benefit from our many years’ experience in the digital advertising industry. Our team are highly skilled and work hard to help you with you online advertising and web development. If you’d like to find out more about our digital services and how we can help you, call us on 01373 593035 and a member of our team will be happy to answer any questions you may have or offer you a free quote.