When it comes to researching the competition and trying to understand where you (and they) fit into the niche you both operate in, there are different types of research based on different types of information you can gather about your competition. Here are three types of competitive research you should implement during your intelligence gathering phase:
- Market research – Market research involves searching specific keywords and determining how you stand against your top competitors. It also means researching customers and their needs and seeing how you and your competition stack up to the values that are important in the marketplace.
- Content research – With content research, you are only concerned with the type of content your competition is producing, where they are getting it published, and who they are targeting that content toward. You should also include a good link portfolio analysis in this research phase.
- Process/Brand research – The process or brand research is all about company internal processes, especially sales. This is a tricky gray line because if you cross it you could be in illegal territory. You want to find out how your competition covers customer complaints, conducts its sales process, and engages with customers through marketing. You’re not looking for trade secrets.
Competitive intelligence research is an important part of the beginning phase of starting a new business. It can give you a lot of insightful information about your competition but also about potential customers and the overall market.