How To Do Competitor Research
This article looks at one method of competitor research: finding out whether the competitors you are dealing with have ‘tried’ to be as creative as you are. Some smart and honest people will do a bit of research on their competitors and then try to sell them on their ideas. The intention is to have the competitors look like idiots for having tried to get your audience’s attention.
So what are some of the ways you can find out what your competitors are thinking? Some of these methods include performing a general online search for ‘competitor research’ – find out if there is any sort of method or strategy used in competitive research. There will be articles or videos about this kind of research available to be read or viewed online.
You can also do your own competitor research by searching for them on Google. Find out how they came up with their idea for the product or service that they are offering – for example, they may have interviewed customers of theirs who have been specifically looking for a new way to make their kitchen work faster. Or maybe they may have researched the way their competitors’ customers are using their service or product.
However, as with all competitive strategies, you need to be careful that you do not end up doing more of your competitor research than necessary. If you have identified the one way in which your competitors are thinking, for example, and they have used this tactic, you could end up being involved in a competition about the best way to improve on it.
The great thing about competitors is that they are often quite competitive themselves – and so can see the issues that you might be facing. So you should be able to put a plan together that they can both use – and that will help you get the business that you are after.
One tactic you could use, especially if you are not that big, would be to look for a group of people who would be willing to spend some time with you for an hour or two a week for a set period of time. Ask them for their opinion about a certain method of competitor research.
However, you should know that you are not going to get very many ‘frozen’ conversations with this kind of approach. Instead, you should be looking for an informal meeting where your competitors can come and talk to you about their idea.
Your first meeting will be most useful if you have agreed upon a schedule – for example, each week, you’ll need to write up a detailed analysis on the state of the market and how to build on it. It’s not a bad idea to work out a regular agenda, based on the need that you have.
Be careful, though, to be honest about your own ideas. You don’t want to make them feel that you are approaching them as if you were interviewing them for a job.
Once you have written up a brief report, it’s best to turn over the presentation to them, so that they can present their ideas as you are presenting yours. Then, listen carefully to what they have to say, but make sure that you stay focused on your own ideas and that you don’t get sidetracked.
The next important step is to make sure that you move forward with the next project. After all, you are likely to want to do this again, and again, until you’ve got a really good idea about what’s working and what isn’t.