Today’s Week in Review outlines the most valuable discussions surrounding Breaking News, Strategic Marketing, Business Consulting and Social Media Marketing. This week we discuss the articles that inspired, informed and enlightened, as well as focus on the value of competitive research for business.
This week our focus in on the importance of competitive research for business.
Competitive research refers to the process of conducting several different assessments in order to gain insights into rival firms in your market vertical, such as for information about their business model, marketing strategy or current client base. It can also provide numerous benefits, such as illuminating opportunities to seize new customers and build loyalty. More so, it can show you the exact content you need to be producing and tells you exactly what your competition is doing.
There are a variety of ways that businesses can research competitively, but the most effective method is through the analysis of the evidence! Luckily there are a variety of tools available to help us both collect and make sense of the data! In regards to digital marketing, tools such as Spyfu and Growthbot allow you to examine how much money your competitors are spending on paid advertising platforms such as Adwords and Facebook Advertisements. Understanding this type of information ensures you are not spending more than is required for paid advertisements.
While you are implementing competitive research, it is important to always ask yourself, “what makes me different from the competition?”. Developing a corporate culture which embraces a consistent inquisitive approach has been shown to better meet strategic business goals. On this point, a smart strategy we suggest, and use in our work is The Five “Whys”, developed by Toyota. Overall, the method of asking questions about your business should go deep, to discover more about your current position and future opportunities for growth.
We love helping leaders and corporations on increasing their knowledge and effectiveness with a competitive research strategy, how can we help your business?
— Himani Kankaria (@himani_kankaria) April 20, 2017
— Amandeep Singh (@MrSainiOfficial) April 21, 2017
— ipfconline (@ipfconline1) April 20, 2017