As a business owner, it’s important for you to understand your competitors in relation to your own product or service. To begin this process, you need to pinpoint key information about your target audience and conduct market research. Here’s how you can get started.
To begin understanding your competitors, you need to discover why customers are choosing someone else over you. To uncover this information, you may consider performing a SWOT analysis. A SWOT analysis is a strategy utilized to unveil strengths, weaknesses, opportunities, and threats related to business competition. This will help you to understand if another business lacks something that customers are benefiting from elsewhere.
Now that you’ve analyzed your competitors, it’s time to improve from within. Ask yourself if you can increase the quality or user experience of your product or service.
An expansive target audience provides companies with more engagement, leading to more ROI from their marketing investments. Businesses who focus on audience engagement are more likely to improve the quality of their site visits, which leads to an increase in online activity like signing up for a newsletter or purchasing a product. Pinpoint your current target audience and ask yourself if your business would benefit from expanding into other markets.
It’s more costly to gain new customers than it is to return current ones. That’s why it’s important to understand your audience. To do this, you’ll need to gather some information. Some examples of market research include competitive analysis, focus groups, interviews, campaign research, or pricing research. However, there are several different types of market strategies you may choose to utilize.
At CC&A, we’ll work to help you understand your competitors and determine where your current engagement strategy needs enhancement. Contact us today to learn more about our audience engagement and market research capabilities.