8 Ways to Find Your Biggest Competitors
They're out there—and they may be watching you. It's your competitors. and they're just as hungry for customers as you are. But what tools should you use to find them? A simple Google search won't cut it anymore. Here are 10 tips to use when researching your competitors:
- Research Online
This seems like a no-brainer. But like we mentioned earlier, a simple Google search won't quite cut it. It's more beneficial to use all of the online resources that are available—not just Google. Use other search sites like SpyFu (LINK- http://www.spyfu.com/), Google Trends or Google Alerts. Even better—use all three. - Use Social Networks
Some of the most interesting tidbits from your competitors may be found in the social networking world. Follow your competitors on Twitter and keep an eye on what they're tweeting about. Additionally, check out your competitor's blogs, Facebook pages, LinkedIn sites, and Yelp reviews. Subscribing to your competitor's newsletters and e-mails can't hurt either. - Be a Reporter
Check up on your competitors both online and offline. Use an analyst firm like Gartner to conduct research and studies that evaluate your potential and current competitors. - Ask your Suppliers
A lot of small businesses use the same suppliers as their competitors. Try talking to your suppliers about who else they do business with. When you take the time to get to know your suppliers (which you should do regardless), they may give you information about who the main competitors might be and what they're ordering. - Look at the Gaps
Keep an eye out for what positions your competitors are trying to fill. Look at their employee requirements and it will give you a good look into what the company is all about. Looking at what your competitors are hiring for is also beneficial. For example, if they're looking for a patent attorney, they may be working on some new inventions. - Survey
Want a formal report? Conduct a survey to find out who your competitors are. Hire an outside company that conducts surveys. Have them ask your competitors what their prices are, how they handle their sales requests, and what they specialize in. This can help you differentiate your company from your competitor's. - Ask the Customers
Some of the best information about your competitors can be found from their past or current customers. If you find a new customer interested in your services, ask if they had used somebody prior to you for similar reasons. Then continue to ask why they came to you. This will differentiate what they're looking for and perhaps what the competitors are falling short on. - Contact Them!
Sometimes, the best way to get the information that you want is to just pick up the phone and ask. You may be surprised what you can learn directly from the company you wish to learn more about. But be cautious! It's best to be honest when you call up your competitors about who you are.
Don't just type a few words into Google and call it quits. Use these 10 easy tips when researching your competitors. Most of them are extremely inexpensive and very easy to do.