Know What Your Competitors Are Doing (And Do It Better!)
Wondering what sets your competitors apart, or what’s holding them back? While imitation is known as the best form of flattery, you don’t want to simply copy your competition—outshine them.
By digging into what they’re offering, how they’re positioning themselves, and what their customers are raving (or complaining) about, you’ll uncover the insights you need to take the lead.
Why You Should Research Your Competitors
It’s simple: knowing what others in your industry are doing allows you to make more informed decisions about your own business. Conducting a thorough competitive analysis allows you to pinpoint gaps in the market, spark innovation, and stay one step ahead.
How to Conduct a Competitive Analysis:
- Identify and categorize competitors: Know who your direct and indirect competitors are.
- Evaluate market position: Understand how each competitor is positioned and who their target audience is.
- Benchmark key competitors: Compare your business against theirs in terms of products, services, and customer satisfaction.
- Analyze their marketing strategy: Look into their messaging, branding, and promotional tactics.
- Perform a SWOT analysis: Identify each competitor’s strengths, weaknesses, opportunities, and threats to gain deeper insights.
When assessing your competitors’ strengths and weaknesses, focus on the four key elements of their marketing mix: Product, Price, Place, and Promotion.
By analyzing these elements, you’ll have a better understanding of your competitors' strategies, allowing you to make informed decisions that set your business up for success.
Top 3 Ways to Research Your Competitors
1. Online Research
The internet offers an abundance of information at your fingertips, and it’s the perfect place to start when researching competitors. By evaluating your competitors' website traffic, blogs, and customer reviews, you’ll get insights into how they operate and what their customers are saying.
Steps to Take:
- Read Reviews: Customer reviews reveal both strengths and areas where your competitors might be falling short. If you notice a recurring theme in negative reviews (e.g., poor customer service), use that as an opportunity to position your business as one that excels in communication and support.
- Analyze Services: Compare your services with those of your competitors What’s missing from their offerings that you can provide? This could be your “So What?” factor that sets you apart.
- Sales Tactics: Pay attention to how your competitors promote their products. Their tactics can give you clues about what works (or doesn’t) in your industry. Look at discounts, limited-time offers, or how they use email marketing campaigns.
2. Competitor Social Media Analysis
Unlike past decades, social media gives you a front-row seat to see how your competitors connect with their audience. Are they quick to respond? What types of posts get the most likes, comments, or shares? What are their customers saying about them in the comments?
Be sure to check out social media platforms like Facebook, Instagram, LinkedIn, and YouTube for their strategy. Each platform works differently for businesses, so you’ll get a variety of insights.
Steps to Take:
- Audience Engagement: Review their social media profiles to see how interactive their followers are. Are certain post types (videos, stories, polls) resonating more? Learning from their successes and shortcomings can help you craft more effective content.
- Post Frequency & Timing: Observe how often they post and at what times. This can give you an idea of their social media performance and when their audience is most active—helping you schedule your own content for maximum impact.
3. Customer & Competitor Analysis + Feedback
This one is often overlooked but invaluable. Talk to your own customers about what brought them to your business over your competitors.
What pain points drove them to seek you out? Was it a specific feature, service, or experience? Lean into those experiences that set you apart.
Step to Take:
- Customer Insights: Reach out to your customers for feedback on what convinced them to choose you. Understanding what works for you—and what doesn’t work for your competitors—can help refine your approach.
- Secret Shopping: Consider secret shopping your competitors. By trying out their product demos or services, you can gain firsthand experience with their sales tactics, pricing strategy, customer service, and product quality.
Setting Yourself Apart from the Competition
So you’ve done your research, but now what? It’s time to take that knowledge and turn it into a competitive advantage. Ask yourself, “So What?” about every feature or service you offer. If your competitor offers the same thing, how can you differentiate?
This is your opportunity to lean into your strengths and push the boundaries. Maybe it’s improving customer service where your competitors fall short, offering a unique feature that addresses a common pain point, or boosting your brand’s personality online to create a deeper connection with your audience.
Whatever your strategy, make it yours—something your competitor can’t replicate.
Looking to uncover your unique ‘So What?’ factors and stand out from the competition? Our team is here to help. Reach out to us today to learn how we can boost your marketing strategy and start delivering the results your business deserves.
Meet The Author
Claire Smith, Marketing Specialist
Claire is a graduate from Grand Valley State University with a Bachelor of Arts in Advertising and Public Relations with a minor in Digital Studies. Prior to joining the team at RED66, Claire worked at REI and completed internships with Pure Michigan and AgHelp. She is passionate about creating meaningful client relationships through digital marketing.
In her free time, Claire can be found outdoors either camping, backpacking, hiking, birding, mountain biking, rollerblading or reading a book. Additionally, she enjoys trying out new crafts such as learning how to crochet and creating terrariums. She is also a proud cat mom to her two rescues Bowie and Poppy.
