Your business was founded in a cutthroat market. You knew there would be competition no matter when you had the idea for your business. Yes, you can have competition even if you’re offering a niche product in a relatively small country. There are still one or two competitors. In essence, there is no wait time. Especially now, as we advance as a species and improve in intelligence. Trying to remain ahead of everyone is quite difficult.
Despite your desire to think you are doing the best, it is better to maintain your composure and consider how everyone else is making progress. There is no way out, as I already stated, but you can struggle and succeed nonetheless. This takes a lot of time, work, and effort. But isn’t it satisfying to accomplish your objectives and improve upon yourself?
When was the last time you looked at what your rivals are doing, what they are putting on social media, how they keep their customers satisfied, or what changes they made to their official websites? When analyzing the competition and looking for ways to outperform them, all of these concerns must be taken into account, among others. Traditional competitor benchmarking is a labor-intensive approach that requires time and investigation. However, there is a quicker approach to track your competitors and set benchmarks with FeedCheck. Let’s look at the importance of competitor analysis and the benefits first.
Conducting competition analysis is crucial since it allows you to fully comprehend how your service or product compares to others’ solutions. You can determine how distinctive and different your product is, which is always a fantastic marketing strategy. Second, you can spot possibilities in the market and areas where your rivals are struggling. Whether it’s a marketing strategy they haven’t implemented yet or possibly not meeting customer demand for the product. Last but not least, you can leverage customer reviews about your rivals to enhance your business idea. So, to summarize, competition analysis focuses on identifying market gaps, improving your products or services, identifying market trends, and increasing sales.
Aggregate competitor product reviews & questions
A fantastic marketing trick and technique to measure consumer satisfaction is to monitor your reviews. With a reputation management platform like ours, you can access all of that data with a single click. The same holds true for your competitors. You can provide links to the products or services of your rivals (in this case, the link must include a location) and then just research what customers are saying for themselves. This can help you comprehend how they conduct business and whether they are selling on a new marketplace, have various locations, or provide discount codes to customers.
Monitoring competitor reviews from your own FeedCheck account is a good starting point. Learn from customer reviews what features a competitor’s product lacks, and then think about how you may incorporate those features into your own offering to satisfy those needs.
Investigate, through comparative analysis, how your items are viewed by consumers
Finding and contrasting important market indicators that assist distinguish your products and services from those of your rivals is the main goal of competitive market research. Comparative analysis is a fantastic tool in FeedCheck that you can use to look at any element you might be interested in.
In our platform, you can begin by adding the products or locations you want to examine, then grouping them. You can contrast your consumer feedback with those of your competitors in this way.
We now provide a brand-new service called FastCompete if you wish to keep track of updates to a competitor’s website. For the success and future of your business, make sure to check out this information as soon as possible.
Learn about the experiences of your competitors’ customers with regard to particular products and categories – consumer sentiment
Maybe while you were doing your competitive research you mentioned the presence of positive reviews and realized they might be using sophisticated software that you haven’t been utilizing. This is definitely a sign that you should be better equipped to outperform the procedures used by your competitors.
Evaluating the common sentiment of a specific product, feature, or detail goes the same as monitoring competitor customer reviews. You can see the sentiment in the Key Driver area, where you can also adjust the feature you want, by adding your rival items.
The goal of competitive research is to enhance your business model. A few advantages include identifying market gaps and identifying areas where your competition is struggling. Additionally, conducting competitive research does not entail stealing a competitor’s idea. The morally best course of action is to stay true to yourself and to your clear, distinct vision.
Remember that competitive research is ultimately about your customers, what you want to provide them that is better, or a better experience with greater happiness.