Did you know?:
83 percent of enterprise executives say they’ve pursued big data projects to gain a competitive advantage.
Nearly 50 percent of businesses say big data and analytics have fundamentally changed business practices in their sales and marketing departments.
Here are 7 Free Tips for accelerating growth with Data Analytics - Competitor Analysis
1. Focus on the Main Competitors
Your main competitors are going to be the ones that are gaining customers that should be yours. You can't always research every competitor that you have, so focus on your main competitors. Learning about them and their business is not always easy, but researching them will help you understand what draws customers to them.
2. Buy Something
If you want to understand what captivates customers about your competitor truly, walk in their store, browse their website, and experience their sales process. Check out their products and their customer service to see what sets them apart from you. There is no one better to tell you about the experience at the competitor than yourself. Trust your instincts.
You cannot just sit back and watch the world pass you by. You need to get out there and go to business card exchanges, talk to other business owners, become a member of small business owners groups and the chamber of commerce. If you are a woman joining the women-owned small business groups is essential too. Do your part and be interactive, network, and make your name shine.
4. Dive Deep on Social Media
With the various platforms of social media available to people across the world, there is no reason you should not be using them to your advantage. Boost your business with ads that reach people with common interests. Browse your competitor's pages, and see what is making them shine on social media. See how they promote their business and how they reach their audiences.
5. Hire your Competition
Seek out employees of your competition and use them to your advantage. Unhappy employees will be more than happy to spill the beans and tell you what your competitors are up to. Most of the time, they know what the next move is, what the secret to their success is. You can find out all sorts of information from employees who feel their employer has wronged them. They may tell you all the inside information if you treat them well and pay them fairly. They will bring their successful skills to your business and help you shine.
6. Do Some Reporting
See what people are saying about other businesses in your industry. You can see what active industry trends are on the rise, what you could be doing that others aren't, and so much more. You just have to search, dig, and ask around. Doing this routinely will help you learn about what's really going on in your industry; most of the time, it's inexpensive and as simple as just doing some reading and digging. You can stay ahead of the game by doing the work, if you want to have a successful business and capture your customers, find out what they want, and what is capturing them.
7. Conduct a survey
If you're interested in getting a comprehensive report of all the players in your industry, you might consider conducting a survey. You should speak to customers to get their viewpoint. Ideally, this should be both your customers and your competitors’ customers. A survey is an ideal way of doing this. The survey should include questions about their experience, what they like about you/your competitors, and what they would like to see improved.
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