Competitor research is one of the most important aspects of your own business. There are some definite considerations that must be considered prior to making this important step.
Competitor research will provide you with information that will enable you to assess your competitors, present a picture of your market, and discover what qualities make you different from your competitors. We’ll talk about a few of the main techniques used for competitor research in the next few paragraphs.
You have to keep in mind that it’s almost impossible to know every detail about your competitors. And even if you can figure out their name, street address, telephone number, and physical address, it’s much more difficult to establish contact information for your competitors. That means your competitor research will have to begin from scratch.
Before you begin your competitor research, it’s critical that you make certain to remember your purpose in undertaking the research. Why do you want to know this information? Are you trying to simply annoy them? Or are you trying to win them over?
Probably the best way to conduct competitor research is by simply tracking down every detail you can about your competitors. Make a list of their names, their phone numbers, their physical addresses, and the type of competition they represent. Do you really need to collect all that information?
As mentioned above, it’s critical that you keep the information you gather strictly for your own self-interest. Otherwise, you could find yourself in a position where you are unable to get that information and your information may become compromised. You have to make sure that any information you gather is completely confidential and is not shared with anyone other than yourself.
There are two primary ways to go about conducting competitor research. You can make use of actual information, or you can use competitorprofiles as a base for your own research.
To do actual competitor research, you need to find someone who is genuinely interested in knowing the “big things” about their competition. Someone who is interested in their own business may be willing to share that information with you. But if you’re going to purchase competitor profiles, you’ll need to make sure that you’ve obtained permission from the person before you acquire their information.
That said, the two methods of obtaining competitor profiles are similar enough that I’m comfortable recommending that you utilize both methods. Your research will be much more thorough, you’ll save time, and you’ll gain a better understanding of your competition.
The problem is that there are certain profile information that you won’t be able to acquire without the permission of the person concerned. For example, it’s not possible to obtain contact information like name, address, and the kind of competition they represent. So when you are purchasing competitor profiles, you’re going to have to rely on more generic information, such as the site address and city.
Fortunately, there are websites that offer the opportunity to obtain competitor profiles for free. While these websites are not guaranteed to provide accurate information, it’s still better than relying on free competitor profiles that are very likely to be filled with errors.