The value of a competitor analysis
However you view your competitors, it’s important to have an understanding of their strengths and weaknesses. Going undercover to gain some inside knowledge will give you great insight into your competition. This knowledge will help to shape your own services and gain a more secure market position. The quickest and most reliable snapshot is to call competitors, nothing can then be rehearsed, it is what it is at the time that you call.
Who are your competitors?
So who are your competitors? By entering your keyword search terms into Google you will soon see who your competition actually are – select companies on page 1 on Google in the organic searches and not in the paid ads list. Choose 5 or 6 companies that you feel are ‘like for like’ in comparison to you, and add 2 or 3 companies who you consider to be market leaders. It’s always good to see what the main players are up to!
What do you want to know?
Then decide what exactly you want to know about them. How do you measure yourselves? Select the same measurements to grade your competitors, eg if you have a service standard to answer your calls in 3 rings, how long do your competitors take to answer the phone? Make it specific and measurable.
Select 6 things that you want to know about them. It’s best not to go for a lengthy call or approach, just make it targeted.
The next thing is to work out a scenario, who are you going to be? What details are you going to leave? It is always a good idea to leave contact details because you need to know if they follow you up.
Make sure that you plan this really well. Are you going to call from home? from the office? Write down a few key phrases that you will use each time to each competitor to test their knowledge or may ask some questions that might be tricky.
Analysing the details
Collate the feedback into a spreadsheet and print it out – even if it’s quite big it’s worth printing as it’s easier to see which competitors do well in certain areas. Add some space to add in any notes about follow ups to your ‘enquiry’.
In-house or outsource
A competitor analysis is often a job that goes to the bottom of the priority list or sometimes nobody feels comfortable about doing it. It’s a straightforward project to outsource and if you would like to find out more please complete an enquiry/sign-up form or contact us.