Having competition can be beneficial for your business. The competition allows you to take notes from an outside perspective from a similar business while also driving you forward in order to keep up with your environment. Competitive research is crucial in the marketing world and can be extremely beneficial but and here’s that dreaded ‘but’ it can be misleading. Competitive research allows you to see what you are missing from your business and what more can be done. Unfortunately, it is rare for competitive research to result in an easy fix for the faults and missing gaps in your business thus ending up being more misleading rather than informative. How do you avoid this marketing error?
Viewing your direct competitors is important and definitely recommended. Your direct competitors are those businesses that offer very similar products or services to you. As said this will definitely give you a new perspective but this is just a narrow view and needs to be widened. Look at your content in comparison to SERP competitors and even small businesses. A small business could easily be the next big business. Rather than just viewing competitors who have similar products for sale or offer the same services as you aim for looking into businesses that have the same goal as you as they will be trying to reach it which can aid you in getting new ideas. Also keep in mind, reality. Be realistic with what business to look into and don’t bother with businesses that are impossible to overcome. Content that is aimed at similar audiences to yours is valuable to you and should be analyzed.
When viewing other content, you need to view it with an issue to resolve in mind. Aimlessly viewing content and assuming it’s superior to yours won’t get you far. Why is it superior and what needs adjusting on your content to achieve this superiority?
Do not assume that whatever works for your competitors will automatically work for you. Look into multiple competitions and tailor a strategy that will work for you.
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