Do not undervalue the importance of competitive research!
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Here are ways that you can use competitor products – and your competitors in general – to your advantage.
Every business has competition, most people are always working against them, even if they don’t have the tools or experience to do so.
It doesn’t have to be that way! Your competition can be one of your most valuable resources, as long as you know how to leverage them for your own benefit.
These strategies will help you do exactly that and gain an edge over those same competitors!
Who Are Your Competitors?
The first thing that you have to do is identify your competitors. They are the:
- Businesses that are fulfilling the same need that you are.
- People who can attract your customers because they have a solution to their problem.
Competitors online can range from huge corporations to tiny little e-commerce websites.
You’ll have to determine who your competitors are before you start. The way to do this when you have a website is to simply type in search words that you are targeting or ranking for and see what other sites come up. Those are your competitors.
The websites that are above you in the SERPS, are going to be your major competitors and those are the ones that you want to be targeting when you implement these techniques.
What is Your Market Position?
Determine what your market position is, if you want to improve. Are you competing with the major brands in your industry? Are you at the very bottom of a huge list of competitors?
This will require some research, but it is something that you have to figure out if you want to compete.
What Products Are Offered by Your Competitors?
You need to determine what the products actually are that your competition is offering.
If you want to use them to your advantage, you must become intimately familiar with what products your customers are buying from those businesses competing with you.
4 Specific Things You’ll Want To Figure Out
- What is the entire catalog of products being offered by your competition?
- How many of those products are you planning to offer?
- How do your products stack up to theirs? Are your products of higher quality? Are your prices lower than theirs? Is there any reason why someone would choose yours over theirs and vice versa?
- What kinds of customers are buying those products? What are the demographics? What kind of a problem are they trying to solve with the product?
Now that you’ve gathered more about the competition, it’s time to put that knowledge to use.
Find out how to use the competitor’s products to your advantage here!
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