How to conduct competitive research
Do you even know who you're competing with? Here's how to find out.
We are all vying for customers with other businesses. Many of these companies might be familiar to you, but there are probably a handful you haven't even heard about. Finding out who your competitors are is often as simple as typing one of your target phrases into Google and seeing who appears in the search engine results pages (SERPs).
For example, if you're a platform for selling "Contact Center analytics", we would search for just that - "Contact Center analytics":
We can conclude that Five9, CallMiner, and Nice are all competitors, and that they are all spending a significant amount of money on Google Ads in order to maintain their positions.
Now that we have a general idea of who we're competing against, go to SimilarWeb and begin analyzing each firm. Scroll down to Competitors to see a list of their rivals - and voila, my competitor's competitor is also my competitor!
From this perspective, we can see that we compete with Verint, Intradiem, Icmi, Bato, and others. Repeat this process until you have a complete list of your competitors.
Examining Your Competitors in-Depth
GrowJo is a fantastic tool for researching your competitors' actual numbers, such as annual revenue, employee count, funding, location, and more.
Important intel to follow:
- Total money raised
- Revenue per employee
- The products or services that they offer, as well as the methods by which they market them to customers
- Their brand and design values
- Advertising Methods
Organizing the information you've gathered about the competition.
For all of my knowledge management, I use Notion. They even have a competitive analysis template!