What should I do before I start researching my competitors?

Get clear on your target market first. Figure out who your potential customers are, what needs they have that your business can fill and what their buying habits look like. Once you understand that, you can start researching your competition and you'll know what to look for.

What should I do if my prices aren't competitive?

Price is one of the most important things to compare. If what you charge isn't competitive with what they're charging, you may need to adjust your prices. Look at quality too. If their products or services aren't high quality, you can set yourself apart by offering something better.

How can I test a competitor's customer service?

Contact the company yourself and see how they handle your inquiry. While you're at it, check whether they have a toll-free number or a live chat option and whether they respond to customer complaints. Online reviews will also show you what customers say about their experience with the company.

sales skills ·May 11, 2023

11 Ways To Evaluate Competition

Q: What if I don't have time to research my competition myself?

You can hire a competitor analysis service. These companies do the research for you and give you a detailed report. It can be a worthwhile investment if you want to make sure you have all the information you need to make informed decisions about your business.

by Drewbie Wilson

Being in the right market is critical to the success of any business.

Key Takeaways

Get clear on your target market first: who your customers are, what they need from you and how they buy.
Go through a competitor's website and social media, then read their reviews to hear what their customers say about them.
Put their prices and quality next to yours. A gap in either one tells you where to adjust or where you can stand out.
Call or message a competitor yourself to see how they handle an inquiry.
If you don't have the time to do the research, a competitor analysis service can do it and hand you a detailed report.

Evaluating your competition gives you a good idea whether your business will be successful and how you need to adjust your strategy to stay ahead.

You need to understand your competition and what they're offering to figure out how you can best compete. And while you may not like what you find, it's always better to know who and what you're up against.

1. Know your target market

Before you can even begin to evaluate your competition, you need to first understand your target market. Who are your potential customers? What needs do they have that your business can fill? What are their buying habits? Once you have a good understanding of your target market, you can begin to research your competition.

2. Look at their websites

The first place to start when evaluating your competition is their website. Take a look at the design, content, and overall feel of their site. Is it professional and easy to navigate? Does it provide helpful information to potential customers? Is it clear what the company does and how it can help potential customers?

If the answer to any of these questions is no, then you have an opportunity to improve your website.

3. Check out their social media accounts

Social media is a powerful tool businesses can use to reach their target market. Take a look at your competition's social media accounts. How often do they post? What kind of content do they share? Do they engage with their followers? Find out how active they are on social media. It can give you an indication of their brand visibility.

4. See what others are saying about them

Beyond what your competition says about themselves, see what others are saying. Check out online reviews and see what customers are saying about their experience with the company. You can also look for social media posts and news articles that mention the company.

5. Compare prices

Of course, one of the most important factors to consider when evaluating your competition is price. What are they charging for their products or services? Is it competitive with what you're offering? If not, you may need to adjust your prices.

6. Consider their quality

Then there's quality. What kind of products or services are they offering? Are they of high quality? If not, you have an opportunity to differentiate your business by offering superior-quality products or services.

7. Evaluate their marketing strategy

Next, look at their marketing strategy. How are they reaching their target market? What kind of message are they using? Are they using effective marketing channels? You want a well-rounded marketing strategy that reaches your target market through various channels.

8. Look at their sales strategy

You should also evaluate their sales strategy. How are they selling their products or services? Are they using a direct sales approach or relying on third-party retailers? Are they offering discounts or promotions?

9. Consider their customer service

Look at their customer service too. How does the company handle customer inquiries? Do they have a toll-free number or live chat option? Are they responsive to customer complaints? It can be helpful to contact the company yourself and see how they handle your inquiry.

10. Analyze their financials

If you're serious about evaluating your competition, you can also look at their financials. This is public information that you can find on the internet. While it may be difficult to understand, it can give you a good idea of the company's overall health and profitability. Also, be sure to check out their annual report which will give you more detailed information about their business.

11. Hire a competitor analysis service

If you don't have the time or resources to do a thorough evaluation of your competition, you can always hire a competitor analysis service. These companies will research for you and provide you with a detailed report. It can be a worthwhile investment if you want to make sure you have all the information you need to make informed decisions about your business.

Evaluating your competition is an important part of any business. By taking the time to do a thorough analysis, you can develop strategies to improve your business and better compete in your industry.

Whether you do the research yourself or hire a service, keep an eye on your competition.

And remember, even if you do not think you have any competition, it is always important to be prepared. You never know when a new company will enter your market.

Thank you for taking the time to read my blog! I hope you find this information useful and make time to implement it in your life. If you enjoyed this, please check back and share it with others.

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For the strategy side of this, read The 33 Strategies of War and the rest of the list.