The 9 steps of your initial competitive research

If you know who your competitor is, if you know how they engage with your target market, and if you know what their messaging is, you should be able to develop strategies for your business to compete and win. Here are the steps I use to conduct competitive research. Remember, the battle can be won or lost before it even starts. The first step is:

1. Find Your Competitors
I always start with a Google Search for potential competitors. If location is important, I also search Google Maps, and then I look at review sites such as Yelp. You’re looking for direct competitors, who offer the same or similar products as your’s, or indirect competitors, who offer different products that fulfill a similar need for your target market. Make note of the competitors you find, then jump over to the social media channels and look for their activity and level of visibility.

2. Who are Your Competitors' Customers

Then, search for reviews, testimonials, comments from customers of your potential competitors to determine who those customers are and if those customers look like the individuals in the markets you are targeting.

3. Then Review Your Competitors' Offerings
Research their products or services to understand if and how they differ from your own. Document product features, pricing, and any significant differentiators. Consider factors such as quality, design, and functionality, and identify any areas where they seem to excel or fall short.

4. Next, Research Your Competitors' Sales Channels
#Identify their primary and secondary sales channels, #such as online, social media, in-store, or through resellers and the steps and tactics in their sales process. How do they engage with and convert a lead? Act like a buyer and go through their sales funnel.

5. Be sure to Review Your Competitors' Pricing and Promos
Determine pricing, discounts, and any promotions or perks they offer, such as free shipping or easy returns. Determine whether you can offer something better or more competitive.

6. Then Analyze Your Competitors' Marketing Strategies
Take the time to research their advertising, social media, email marketing, and any other channels they use. Evaluate their messaging and branding, and consider what you can do to make your brand stand out and compete.

7. Analyze the Level of Engagement on Your Competitors' Content
Look at the engagement on their social media and website content. The number of likes, shares, comments, and reviews, and see what people are saying. Use this feedback to understand what your potential customers like and dislike about your competitors.

8. Be sure to Document Your Competitors' Strengths and Weaknesses
Based on what you’ve found, document what you see as your competitors' strengths and weaknesses. Use this to help identify where and how you think you can and cannot compete.

9. The final step is to Differentiate Your Business from the Competition
With this research, you will now be able to develop strategies to differentiate your new business and use those strategies to position your brand as unique and valuable to your target market.