Candeo Creative : Blog

3 Ways Competitive Research Can Help Your Company Grow

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With all of the social media platforms and tools offered nowadays, it’s easy to get wrapped up in execution strategies and tactics. Publishing posts, writing blog articles and issuing press releases are all examples of how companies are maintaining their presence in the digital marketing world. The problem most businesses have when it comes to their marketing efforts is that they become stale and repetitive. For example, a restaurant that focuses on social media marketing probably has fairly predictable content (e.g., pictures of food, daily/weekly offers and maybe the occasional “employee of the month” post).

competitive research

Consumers will scroll right through all of this because they see it in their newsfeed all day, every day. When this happens, there’s only one logical and necessary step that needs to be taken, and most companies neglect to recognize it. I’m talking, of course, about competitive research.

Think about it: When something isn’t working for you during every day situations, what are you most likely to do? You look to your peers, and even your rivals, for assistance. Its simple human nature to consult others when facing uncertainty and confusion, and this is no different when discussing business.

  • Secret Shopping: What better way to assess your competition than see what their in-store efforts look like first-hand? Pay your rivals a visit and take note of a number of different things. Do they have a convenient location? How is their customer service?  Do they offer a comfortable atmosphere? By observing the interior setting of your competitor’s business, you will gain better insight into what’s attracting customers and what areas could use improvement.
  • Online Brand Research: What are people saying about your competitors online? Are they praising customer service or are they venting and complaining? Take advantage of websites that specialize in obtaining reviews and testimonials, such as Google reviews and Glassdoor, to help you with your research.
  • Social Media Benchmarking: This is a great technique to see how your content matches up to what your competitors are saying and sharing. Take a look at all of your social media channels and look at your last month’s analytics. Engagement seems to be the most popular metric to measure, but there are others that are just as important. Keeping an eye on reach, impressions and click-through-rates are crucial when defining the effectiveness of social campaigns. Unfortunately, the only metric to measure when looking at your competition is engagement, but that’s OK. Make notes on the styles of content that see the most responses and use this to your advantage.

marketing strategy

These strategies can assist anyone who wants to change up their marketing and advertisement efforts to help drive more business. Every brand needs a refreshing after a certain amount of time, and what better way to do it than take notes on what your competitors are up to. Have you ever engaged in research pertaining to your rivals? What strategies have you implemented?

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