{"id":457762,"date":"2022-06-03T16:01:31","date_gmt":"2022-06-03T13:01:31","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/5-ways-competitor-research-can-benefit-your-business\/"},"modified":"2022-06-03T16:01:31","modified_gmt":"2022-06-03T13:01:31","slug":"5-ways-competitor-research-can-benefit-your-business","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/5-ways-competitor-research-can-benefit-your-business\/","title":{"rendered":"#5 ways competitor research can benefit your business"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2fcd978b052\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2fcd978b052\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/5-ways-competitor-research-can-benefit-your-business\/#%E2%80%9C5_ways_competitor_research_can_benefit_your_business%E2%80%9D\" >&#8220;5 ways competitor research can benefit your business&#8221;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/5-ways-competitor-research-can-benefit-your-business\/#Helps_create_better_products\" >Helps create better products<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/5-ways-competitor-research-can-benefit-your-business\/#Makes_it_easy_to_create_better_offers\" >Makes it easy to create better offers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/5-ways-competitor-research-can-benefit-your-business\/#Discovers_threats\" >Discovers threats<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/5-ways-competitor-research-can-benefit-your-business\/#Helps_you_set_benchmarks\" >Helps you set benchmarks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/5-ways-competitor-research-can-benefit-your-business\/#Improves_your_marketing\" >Improves your marketing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/buradabiliyorum.com\/en\/5-ways-competitor-research-can-benefit-your-business\/#Now_invest_in_competitor_research\" >Now invest in competitor research<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9C5_ways_competitor_research_can_benefit_your_business%E2%80%9D\"><\/span>&#8220;5 ways competitor research can benefit your business&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\r\n<div class=\"entry-inner\"> \n                            \n<p class=\"wp-block-paragraph\">When you launch a new business you need to conduct three types of research. These include market research, audience research, and competitor research. Out of all these, competitor research is probably the most important one.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Digging deep into what your competitors are up to will unearth heaps of useful data that you can use for many purposes within your businesses. To show you the importance of competitor research, we have listed some of its benefits below.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Helps_create_better_products\"><\/span>Helps create better products<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A big mistake some amateur entrepreneurs make is creating products simply because the entrepreneur needs them. Sometimes this might work because the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> public also had a need for the product, but a lot of the time it fails.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is why the easiest way to be successful in any industry is to create products that are similar to what your audience is already buying, only making it better or more affordable. This will give it an edge and help you sell more, and it\u2019s something that smart <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/planable.io\/blog\/brand-manager\/\">brand managers know how to do<\/a> well.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When you are determining which products to offer, you can simply go to your competitors&#8217; websites and see what products of theirs have the most reviews, and who they are targeting with their advertising. You can also use a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.similarweb.com\/corp\/research\/company-research\/\">company research tool<\/a> to obtain further details.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Research tools can unearth information such as the keywords your competitors rank for on search engines, which web pages they send the most traffic to, how much they spend on ads, and which influencers they work with.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If they are spending a lot of money to promote certain products on their website, it\u2019s definitely one of their best-selling ones. You should think about creating something similar, but better. You can use the data from the audience research to see what your audience wants and incorporate features that will satisfy them and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.business.com\/articles\/how-to-differentiate-your-product\/\">make your product different<\/a>.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.noupe.com\/wp-content\/uploads\/2022\/06\/image-3-1024x692.png\" alt=\"\" class=\"wp-image-177531\"><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Sometimes you might want to think about removing features and making the product cheaper as Amazon did with its tablet. When <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">App<\/a>le launched the iPad, everyone was trying to make a better tablet and beat Apple, but they were all failing. Amazon, on the other hand, made a cheaper tablet with fewer features and drove a ton of sales, because this is what their audience wanted.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Makes_it_easy_to_create_better_offers\"><\/span>Makes it easy to create better offers<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A lot of people think that the success of a company chiefly hinges on how much traffic it generates or how much <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> proof it has. These factors matter, but they won\u2019t work well enough if your product offering doesn\u2019t resonate with your audience. You\u2019ll struggle to get clients to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.jotform.com\/online-contract\/\">sign a contract<\/a> or even be noticed in a crowded niche.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When a brand has a poor offer, it disappears in the sea of competition.\u00a0\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you have a good offer, you will generate the highest ROI no matter which marketing method you use. This is why you should conduct some competitor research to figure out your top competitors&#8217; offers and then adapt their offers to your own sales strategy.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here are the different things to look for while assessing an offer:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Product:<\/strong> As discussed in the first point, you need to create products similar to the ones your competitors are selling, but with key differentiators that are communicated clearly. You also need to make sure there is an audience that wants to buy them.<\/li><li><strong>Price:<\/strong> Your product needs to be at the right price. If it\u2019s cheaper than your competitors\u2019, you will naturally generate more sales, but you might drive away customers who think that it is cheaper because it\u2019s inferior. So, think about this and come up with a price that shows that you are selling a good product. Also, make sure that you generate a minimum 10% profit. Don\u2019t price yourself out of the market.\u00a0<\/li><li><strong>Benefits:<\/strong> Your offer messaging needs to display the benefits of your product in a unique way, especially when compared to your competitors. So, look at the way your competitors present their products and use that information to inform your unique selling proposition and sell it with good copywriting.\u00a0<\/li><li><strong>Bonuses:<\/strong> If your competition is giving away bonuses for buying their products, you should too. For best results, give buyers something that complements the product.\u00a0<\/li><li><strong>Guarantee:<\/strong> When your product has a guarantee or warranty (or both), it makes potential customers feel more confident about the purchase. It shows that you believe in your product so much that you are willing to give a solid guarantee such as a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.freeprivacypolicy.com\/blog\/8-reasons-return-refund-policy\/\">no-questions-asked refund<\/a> or a free replacement. Analyze the guarantee your competition offers and come up with something that will ensure you outdo them.\u00a0<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Discovers_threats\"><\/span>Discovers threats<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Nowadays, the market is constantly evolving. Many of the products that sold like hotcakes just a few years ago aren&#8217;t even available anymore, and the marketing techniques that worked are today considered invasive or easily ignored.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Regularly keeping tabs on the competition will help you figure out how to adapt and survive in the short term and in the future by either coming up with new products or modifying your marketing strategy.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sometimes you will also learn about companies you can acquire and quickly grow your business.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Helps_you_set_benchmarks\"><\/span>Helps you set benchmarks<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">One of the keys to business success is <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/pledgetimes.com\/3-essential-methods-of-benchmarking-for-digital-marketers\/\">setting the right benchmarks<\/a>. Quite often people don\u2019t consider the industry benchmarks and set unrealistic goals and end up disappointed when they don\u2019t reach them.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One way to ensure that you set realistic goals is by checking out the industry benchmarks. There are tons of studies like this one <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.getresponse.com\/resources\/reports\/email-marketing-benchmarks\">from GetResponse<\/a> on email marketing statistics, that show you the targets that you can aim for.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.noupe.com\/wp-content\/uploads\/2022\/06\/image-4-1024x401.png\" alt=\"\" class=\"wp-image-177541\"><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">You can always do the research by yourself and start from scratch, but studies like this can give you a headstart. Your first goal should be to reach average performance levels for your sector. You can later focus on exceeding them.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Improves_your_marketing\"><\/span>Improves your marketing<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">It takes time to get successful marketing correct. Very few people get it right the first time, as you need to conduct several experiments with techniques such as A\/B testing to see which landing page converts better, which ads generate the most traffic, and which copywriting style generates the most sales.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This will usually take up months. But you can cut short the time by copying some of the techniques that your competitors are using. This won\u2019t help you always get it right the first time, but it can help you reach your marketing goals quicker.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For example, if you want to use SEO to market your business, you can analyze your competitors&#8217; websites to see what they rank for and try to rank for the same keywords. Before trying to organically rank for these keywords you can also take advantage of features such as <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/uncamouflage.com\/how-does-google-ads-generate-responsive-search-ads\/\">responsive search ads<\/a> and see if traffic obtained from these keywords converts.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Moreover, if you are using ads, you can see which ad creatives and landing page design styles are working for your competitors.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Now_invest_in_competitor_research\"><\/span>Now invest in competitor research<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If you aren\u2019t doing any competitor research, it can negatively impact your business. This is true whether you are just launching or are already established. As you can see above, there are many strategic benefits of doing competitor research.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yes, it does take a lot of time to do the research, but this is what separates the top companies from the rest. They regularly analyze their audience, the industry, and the competition and modify their products and marketing strategies to stay relevant and thrive in the ever-changing business atmosphere.\u00a0<\/p>\n                            <\/div><br><div class=\"author-inner\">\n<p class=\"bio-name\">Rachel Bowland<\/p>\n<div class=\"bio-desc\">\n    Rachel Bowland is the content manager at Social Marketing Writing and Creatiwitt &#8211; she likes to write about marketing and design.<\/div>\n<!-- social-link -->\n<div class=\"clear\"><\/div>\n<\/div>\r\n<blockquote><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/blockquote>\r\n<blockquote>\r\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\r\n<\/blockquote>\r\n<blockquote>\r\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General <\/a><\/span>category.<\/strong><\/p>\r\n<\/blockquote>\r\n\r\n<span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/www.noupe.com\/inspiration\/competitor-research.html\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span>","protected":false},"excerpt":{"rendered":"<p>&#8220;5 ways competitor research can benefit your business&#8221; When you launch a new business you need to conduct three types of research. These include market research, audience research, and competitor research. Out of all these, competitor research is probably the most important one.\u00a0 Digging deep into what your competitors are up to will unearth heaps&#8230;<\/p>\n","protected":false},"author":1,"featured_media":457763,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/www.noupe.com\/wp-content\/uploads\/2022\/06\/ux-indonesia-8mikJ83LmSQ-unsplash.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[129936,129937,73155],"class_list":["post-457762","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-competitor-analysis","tag-competitor-research","tag-marketing"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/457762","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=457762"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/457762\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/457763"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=457762"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=457762"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=457762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}