Competitive Research – Why It's Critical

Partaking in some competitive research is always a smart idea. Why? Because you need to know what your competition is up to if you want to stay ahead of them! Some of our clients say that they don’t have any competition… but that is rarely the case. Even if you have come up with an amazing Blue Ocean Strategy, it is still smart to investigate similar companies that could become competition.
We create Competitive Analysis Reports for each of our new clients. It’s basically the first thing we do when they join the Taz Solutions family. We create a simple, neat spreadsheet of about 10-20 competitors (depending on the industry). We include important information; company, website, location, key people, products/services with price point, key words, number of backlinks, and who is linking to them. That information is good to know, but the last piece we add is what I consider the most important. We do a Strategic Overview of the company. For that, I look at each competitor and zero in on what distinguishes them as a company. What are their overall strengths and weaknesses? How do they compare for our client? Are they stiff competition or not really a threat?
I think it’s really critical to analyze your competition in that way because it gets you ready to compete. You are better prepared and knowledgeable about the industry. It might even give you some ideas of how to improve your company! It’s just not a bad idea at all. You never want to underestimate your competition, so it’s good to know them very well.

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