Articles

How To Identify Your Competitors And To Understand Them Better

by Octopus Intelligence Octopus Competitive Intelligence

How To Identify Your Competitors And To Understand Them Better

In today’s business landscape, it’s crucial to have a clear understanding of your competitors. Analyse your competitors to understand their strategies, product offerings, and marketing tactics. This article is called how to identify your competitors and to understand them better. And it will explore basic techniques to help you identify your competitors, from industry research and keyword analysis to leveraging social media. Gathering customer insights, we provide you with how to stay ahead in the market. And to adapt to the ever-changing competitive landscape. Discover the strategies to identify your top competitors and gain a competitive edge.

Article Summary

  • Understanding your industry and identifying leading players is the first step in identifying your top competitors.
  • Conducting keyword research and analysing search engine results can reveal companies that are competing for similar products or services.
  • Exploring industry-specific directories, associations, and social media channels can provide insights into active competitors within your market.
  • Gathering insights from customers and your own team, and staying informed about emerging trends and disruptive innovations, is crucial for staying ahead of your competitors.

Identifying Your Top Competitors

Identifying your top competitors is important. It helps you keep track of their: 

  • Product updates
  • Marketing changes
  • Feature announcements

But you likely already know this. Instead, let’s take a look at tips for how you can identify your top competitors. It’s also wise to understand what your competitors are doing well.

Know Your Industry

Start by identifying the leading players in your industry. This may include those offering similar things. Or operate in the same geographic region, or target the same audience.

Google Your Keywords

Perform research using your potential customers’ keywords to find products like yours. See which companies are at the top of search engine pages (SERPs) for those keywords.

You can use SEO tools like Ahrefs, Semrush, Google Analytics, and KWfinder, to find keywords. And then, Google the keywords/phrases to see what results and brands come up.

Check Directories And Industry Associations

Look for directories and associations that are specific to your industry. They often list companies that are active in that space.

Look For Companies With Similar Audiences

Identify companies that are targeting the same customer demographics as your business. This could be based on age, income, interests, or location. 

Monitor Social Media

Keep an eye on the social media channels that your potential customers are using, and see which companies are active on those channels. You can use tools like Sprout Social or Hootsuite to help with this.

Ask Your Customers

Don’t be afraid to ask your existing customers who else they considered when choosing you. They may be able to provide valuable insights into who your competitors are and what they offer. You can do this in many different ways like:

  • Surveys
  • Phone or in-person interviews
  • Direct messaging through social media
  • Customer Advisory Boards
  • Win-loss exercise
  • Post sale review

Ask Your Team

The chances are your team will know your most dangerous competitors. Understand what they are good at and where they are weak. Your sales team will know whom they are beating or those who are taking their sale bonus off them.

Disruptors

To find the next disruptive competitor in your market, it’s important to keep an eye on sources. Start by closely monitoring emerging trends and technological advancements within your industry. Attend industry conferences and trade shows to find new players and disruptive innovations. Stay engaged with the startup ecosystem. Keep an eye on venture capital investments and incubators focusing on your market. Network with industry professionals and join relevant online communities and forums. Following industry publications and thought leaders can also provide valuable information. Look at what’s trending on the websites like Product Hunt and others. 

What Next?

Once you have isolated your competitors, it’s now time to undertake a thorough competitive analysis. Here are some basic steps that can help in this process:

  1. Identify the brand’s industry: The brand should identify its industry or industries. This will help to narrow down the potential competitors.
  2. Research the market: Conducting market research can help the brand to understand the market size, trends, and customer preferences. This can also reveal who the major players are in the industry.
  3. Identify direct competitors: Direct competitors are businesses that offer similar products or services to the same target audience. Brands can look at their pricing, distribution channels, marketing strategies, and customer base to see how they compare.
  4. Identify indirect competitors: Indirect competitors may not offer the same products or services but may compete for the same customer base. For example, a brand that sells high-end luxury goods may consider luxury car brands as indirect competitors.
  5. Analyse strengths and weaknesses: Once the brand has identified its competitors, it can analyse their strengths and weaknesses. This will help to identify areas where the brand can differentiate itself from its competitors.
  6. Monitor competitors: Regularly monitoring competitors can help the brand to stay informed of any changes in the market or new product launches.

By undertaking a thorough competitive analysis, you can identify its real competitors and develop strategies to differentiate yourself in the market.

How To Identify Your Competitors And To Understand Them Better

In conclusion, identifying your competitors is crucial for staying informed about market trends: product updates and marketing strategies. Know your industry, research keywords, exploring directories and associations. So you can understand those with similar audiences and effectively identify your competitors. Monitoring social media, seeking customer insights and consulting your team provide valuable information. Stay connected with industry professionals and thought leaders. By employing these strategies, you can gain a competitive edge and adapt to the ever-changing business landscape.


Sponsor Ads


About Octopus Intelligence Innovator   Octopus Competitive Intelligence

18 connections, 0 recommendations, 58 honor points.
Joined APSense since, May 3rd, 2021, From Nottingham, United Kingdom.

Created on Jun 12th 2023 17:28. Viewed 91 times.

Comments

No comment, be the first to comment.
Please sign in before you comment.