Small business marketers should always have a handle on who their competitors are and how they stack up against the competition. While it sounds overwhelming, competitor research doesn’t have to be that time-consuming. A simple review of your top competitors will help you understand how your company can compete, where you’ve got the leading edge, and where you may need to improve to get more business. Here’s a brief overview of competitor analysis and how to do it.
While there are many competitor analysis tools you can use, some quite extensive and some quite basic, most will give you insights in the following areas:
Seems pretty straightforward, right? Sadly, very few small businesses ever do competitive research, yet doing so can help small businesses stand out from the competition. If you want to stand out from your competition, you have to be different from them. If you want to build a strong brand, you must pinpoint precisely what makes you unique. You must utilize competitive differentiators.
Some tools are free; some are paid. Some are very basic, and some are quite comprehensive. Regardless of which one(s) you use, each will walk you through what you need to get the insights you’re looking for. Areas you should look at include content, social media, and SEO to help hone your marketing efforts with this knowledge.
A competitor analysis is a powerful way to strengthen your marketing by having insights to craft your message better. If you’ve never done an analysis, or if it’s been a while, take the time to engage in this process to help elevate your business.
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