Who’s Your Competition?

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Before you start a business, you will need to determine who your competition will be and what  they’re doing in their business. If you jump into any business, without first  having a clear understanding of what the competition is doing, you could be  setting yourself up for failure. Even if you’ve been in business for years and  just haven’t taken the time to research your competitors, you can easily  research your competition.

November 17, 2014
Author: NCH

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Here are some steps you  can take to research what other similar businesses are up to:

Social Media

Social media works well  for both identifying current competitors and researching them. Just start  typing in the keyword that relates to your business niche, and business names are  easily searchable.

Unlike the competition’s  company website, social media sites like Facebook and Twitter can give you an  insight into what a company does on a daily basis. You can check out the offers  they use. You can also possibly see how they engage their own customers and  which conversations lead to the most engagement.

Shop Their location

If you happen to be in  close distance to your competitors, you can visit their location, and even buy  from them. While you are in their location, observe other customers and their  reactions to the service.

If your competitor doesn’t  live close by, or if you just don’t feel comfortable stopping by their  location, you can always call them and ask questions about their services or  products. Lay out some objections to their reps, and see how their customer  service reps respond.

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Attend an Industry Trade Show

Attending an industry  trade show or conference is a great way to learn who competitors are and what  they are offering. You can visit the competition’s booth, observe their interactions with  customers, and check out the quality of their products. Look at their  promotional activities and note how busy they are and who visits them.

Read Online Reviews

Reviews and testimonials  can be very helpful in giving you an insight to the competition. Sites like  Yelp, Angie’s List, and Trustpilot are  all good websites to read company reviews. Whether they’re getting good  or average reviews, see if there’s a common theme to what people experience. If  the same complaint pops up repeatedly, then you’ve just found a competitive  advantage.

Research Their Online Marketing  Strategies

There are an endless  amount of tools and websites online that can let you see keywords and PPC terms  your competitors are targeting. Some services are free while others charge for  a more in-depth analysis. It can take months to rank in search, and hundreds  and thousands of dollars to make your PPC efforts profitable. A little research  ahead of time is well worth the effort.

These are just a few tips  to help you determine who your competitors are. After researching what other  similar businesses are up to, you will be able to make your business stand out  from the rest.

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