Whether you like it or not, there are and there will always be business competitors that are doing what they can to expand their market outreach and diminish yours. In order to grow your own business, you need to constantly study and implement necessary adjustments. And learning from your very own competition can never be a bad advice.
Gathering competitive intelligence is a full time job, yet you can start with your analysis on your competitor’s website.
What can you learn from your competitors website?
A method on how to research your competition and get useful information is by visiting their websites. Below are 6 competitive information you should source for on your competitor’s website:
1. Their Products or Services
Go to the company’s toolbar and look out for their products and services. Click them and go through them carefully to see what they sell that you also sell, what they offer that you don’t, what they sell or provide the most and how they portray these products and services.
2. Their Brand and Design
Look at the layout of their entire website and the design. Is it easier to navigate and is business transaction simplified than yours? Look into all of these things –both the good and vices and see how you can use the information to be better.
3. The Price Your Competitor Charge
Pricing is also an important factor to look out for when you are your competitors’ websites. Check these prices, ranging from the most expensive to the cheapest and compare with your own to know where you can make considerable adjustments.
4. The Incentives They Give
One good way to know the incentives they give to their customers is through signing up for their email newsletters, webinars or live seminars. This will not only expose you to the bonus offers but also product launches, new plans, product or service uses and other useful information. Be sure to check how they phrase their call to actions. What terms do they use? What do they give you and what do you get?
LEARN MORE about competitive insights
5. How they deliver
How they deliver their services or goods to customers is one thing that you must find out too. Although some businesses see it as an advantage to openly declare their delivery method and timeline (which is easy to find out on the site), there are some that do not disclose this. If it requires that you purchase a product from them to discover this, do that and try as much as possible to offer something better if you can.
As a SAAS or services company, how fast can they deliver the service? Are they providing a demo, can you download a free trial or do you need to schedule an appointment? If they have a longer sales cycle, you need to use it into your advantage.
6. Customers’ Positive and Negative reviews
Customers’ review can be a goldmine if you utilize it very well. The second richest man in the world, Bill Gates, recognizes the value of this and once said, “Your most unhappy customers are your greatest source of learning.” It does not have to be your own customers only, find negative reviews left by their customers, provide solution and offer it to them because the chances that these unhappy customers will patronize you have been boosted.
Once you’ve collected this information, it will be key to use it. Share it in an organised way with your webdesigners, content marketeers, product developers,… and find the gaps that you can fill for the market: this could be updating your products, redesigning your website, offering better customer services, etc. Do not duplicate what they do but instead, innovate and come up with better ideas.