Staying ahead of the curve is crucial in today’s highly competitive business landscape. To do that, you need to understand your competition inside and out.
Enter the competitive analysis survey, a powerful market research tool that can help you gain valuable insights, develop effective strategies, and ensure your business’s success.
What is a Competition Survey?
Gathering information about your competitors is an essential process in any business.
A competition survey also called a competitor survey or comprehensive competitive analysis, is a structured approach to achieving this. It involves collecting data on your rivals’ products, services, marketing strategy, strengths, weaknesses, and market share.
The objective is to understand the competitive landscape better and identify potential opportunities and threats that may impact your business strategy and reach your target customers.
How Do You Survey Competitors?
Surveying direct competitors is a strategic process that involves several key steps:
Identify Your Competitors
Begin by identifying who your main competitors are. This might include direct competitors who offer similar products or services and indirect competitors who target the same audience but in a different way.
Gather information about your competitors from various sources. This can include their websites, social media profiles, customer reviews, press releases, and industry reports. Look for key details such as pricing, sales team work, product features, marketing strategies, social media platforms, and customer feedback.
Conduct SWOT Analysis
Perform a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis on each competitor. This analysis will help you identify areas where you can outperform them (e.g., sales process) and areas where they might have an competitive advantage.
Use Competitive Analysis Tools
Utilize competitive analysis tools and software to streamline the data collection process. Tools like SEMrush, Ahrefs, and SimilarWeb can provide in-depth insights into your competitors’ online presence, SEO strategies, and more.
Analyze Customer Feedback
Pay attention to what customers are saying about your competitors. Online reviews and social media discussions can reveal important insights into customer satisfaction, pain points, and preferences.
The Importance of Competitive Analysis Research
Competitor analysis plays a vital role in the success of your business. Here are some of the key reasons why collecting competitor data is so important.
Competitor surveys inform your strategic planning. They help you understand what your competitors are doing well and where they are falling short, enabling you to position your business more effectively.
Identifying Market Trends
By keeping an eye on your competitors, you can identify emerging market trends and adapt your strategies to stay relevant for your target audience.
Finding Gaps in the Market
Competitive analysis can uncover unexplored market gaps that your own business can fill, giving you a competitive advantage.
Improving Product and Service Quality
Understanding the strengths and weaknesses of your competitors can guide you in enhancing the quality of your products or services.
Competitor surveys can help you fine-tune your marketing strategies by revealing which tactics are working (e.g., social media strategy) for your competitors and which are not.
Top 10 Competitive Analysis Survey Questions
- What are the key products or services offered by the competitor?
- How do their prices compare to ours?
- What marketing channels and strategies are they using?
- What is their unique selling proposition (USP)?
- What do customers like about the competitor’s offerings?
- What are the common complaints or criticisms from their customers?
- How strong is their online presence, and what keywords are they targeting?
- Are there any upcoming product releases or changes in their business strategy?
- What is their market share, and how is it changing over time?
Who are their key personnel, and what are their backgrounds?
Competitor Analysis Tools For Your Needs
In the ever-evolving business world, knowledge is not just power; it’s the foundation of success.
By conducting competitor surveys, you can gain a deep understanding of your rivals and use that knowledge to make informed decisions, adapt to market changes, and ultimately emerge victorious.
Don’t just compete – rise above the competition by strategizing, analyzing, and utilizing the insights from competitor surveys. You can achieve greatness in business with hard work, determination, and a commitment to excellence.
Ready to conduct competitive analysis research?