As a business, apart from knowing your products and your customers, there is also a need for you to know your competitors. Knowing what your competitors are up to will provide you with a competitive edge in multiple industries. It can also help you with your strategic, marketing and pricing planning. Here are some ways for you to perform effective research on your competitors.
Ask Surrounding People
There is no better strategy for you to perform research on your competitors than asking the people around. To start, you can conduct a survey or you can just ask your customers what company they have tried out before and why they have decided to look for another spot to eat at. By doing so, you would be able to know what terms are favorable or unfavorable for them in choosing a restaurant. In addition to that, talking to your customers can also build trust and a strong relationship with them.
Check Up on Online and Offline Information
Of course, conducting your search online can be a great way for you to know what your competitors are up to. However, offline information can be just as useful as the information you find online. For example, you can keep an eye on the printed ads of your competitors or the events in the local area that they are sponsoring. If they are featured in local newspapers or journals, you can read the content and learn about their plans or strategies to obtain customers.
Make Use of Social Media
As technology advances, more companies have started creating an account on different social media sites to reach out and engage with their customers. It is likely that your competitors put work into developing and optimizing their social media accounts. With this in mind, conduct your marketing research on social media platforms as well. From time to time, go visit the social media accounts of your competitors to know if they are running new promotions or responding to customer messages. This is a cost-effective way for you to keep watch over your competitors.
Hire Past Employees
In order for you to know what your competitors have up in their sleeves, it would be a great idea for you to hire people who have formerly worked for them. Once you have their former employees on your side, you would be able to know a lot of things about your competitors, such as who their partners and suppliers are and how they conduct their business. This strategy may also allow you to know if your competitors currently have plans to venture into new markets and whether or not they have plans to launch a new product or service. These are good pieces of information to learn about, especially if they present a threat to your existing products or service.
Researching your competitors is essential for business development. After all, by monitoring their behavior, then it would become much easier for you to predict what their next move would be. Hence, you would be able to create a counterattack and even be a step ahead of them. Consider these ideas the next time you need to obtain high-quality information from a particular competitor.