9/28/2021 Tip: The Right Competitive Intelligence | Growthink

9/28/2021 Tip: The Right Competitive Intelligence

Today’s Quote

“Effort only fully releases its reward after a person refuses to quit.”
~Napoleon Hill

 

Today’s Tip

As you may recall, this week I am discussing the different types of market research you need in your business plan to start and/or grow your company.

Today’s research focus is competition.

For each of your top competitors, you need to know

  1. Competitor Strengths and Weaknesses
  2. Website Performance
  3. Link Profiles
  4. Web Traffic
  5. Social Media Profiles

Today we will cover #1 and #2; tomorrow we’ll cover the rest.

Having competition is generally a good thing; it proves that customers are buying solutions like the ones you offer. Importantly you must detail (in your business plan and strategy) the strengths and weaknesses of your competitors so you and your investors know what you’re up against.

Importantly, you don’t have to be better than your competition in every single area; ideally you’re better in the areas customers care about most.

With regards to competitors’ website performance, in nearly all industries, the web is a great source of leads. Understanding and detailing your competitors’ performance on the web gives great insight into them and online opportunities that exist for you.

 

Today’s Resource

Let Us Conduct Your Research for You

Over the past 10 years, we’ve developed an amazing market research service in which we conduct the research you need quickly and expertly.

Having this research is critical to you getting funding (if needed) and having a solid growth strategy.

Click to learn about our Market Research Service

 

Trivia

Today’s Question: What state was the home of the U.S. auto industry before World War I and the rise of Michigan?

Previous Question: How can you tell a fish’s age?

Previous Answer: From the number of growth rings on each of its scales. 

Each pair of rings represents a year–the dark narrow rings represent winter; the wider, lighter rings represent summer.

 

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