It is a must that before you take on any challenge, competitor research is the key to succeeding. This means, before venturing into the market, you need to have a thorough understanding of what your competitors are doing, where they are and what they are doing in this particular segment.
This is very important because you can use the information to improve your own product and offer. The information about the competition will also help you evaluate your product/service. You can make more effective decisions as to what to focus on and when to move on from one option to another.
The first thing you need to do is to know your customers’ buying history. By knowing that, you will have a solid understanding of the future prospects. This will give you clues on which opportunities are worth pursuing and which are not.
Furthermore, you will know which product has the potential to bring in a new customer and that it is better to avoid. For example, if you create a free trial offer, but only getting the first 50 people to try it, you might not want to offer it to the new customers. Instead, you should look for other offers that can get you new customers.
Now, how do you determine the time period for your research? It will depend on the product you are going to promote. If it is a product/service that takes up time or requires dedication, you will need to give some focus on competitor research. On the other hand, if it is something that you will promote in a matter of minutes, you can do it within a few days.
What you will do is to set up an online competition for the product in a competitive market. If the competition is a simple test site, you can do it with free software such as Google’s Page Rank. If the competition is a difficult test site, you can even hire a professional service that will handle the competition.
The way these online competitions are setup is by targeting the entire population. After registering for the competitions, you need to find out who is creating the best content. Once you have your target audience, you can target the readers as well as the top 10% in the searches.
A good place to start your competitor research is to create and update a profile. You will be able to target the readers in a smart way.
What is needed is a collection of the competitors’ profiles and strategies. You will be able to compile these and thus, you will be able to determine what would be the best approach to further improve your own strategy.
After collecting the data from your competitors, you can now analyze the strategy you have chosen and improve it to target your target audience. You will need to take into consideration several things like: marketing, pricing, incentives, how it could make the product more attractive to consumers and of course, how successful it was in the market. Keep in mind that this is the best and most effective approach to promote your product/service.
You will be able to determine the best overall product and offer. If you want to do it quickly, this is the most convenient way to do it.