Business and Trade

How to Identify Competitor Brands (And What to Do Next)

Are you looking for ways to stand out in your industry this year? If you want to stand out in a competitive market, you need to make sure that you are developing a marketing strategy that puts you ahead of others in your industry.

To learn more about how to market research in order to identify and better understand competitor brands in your industry, keep reading. Learning more about your competition is key to staying one step ahead of them for business growth in 2022.

Know Who Your Competitors Are

In order to identify your competitors, you need to know who your brand is as well as the industry in which your business exists. What product or service do you offer and who are your customers? Then, think about companies that have similar offerings and similar target audiences.

You should consider both your direct and indirect competitors. To find your direct competitors, you can do some simple market research. You might consider heading to Google to search for the services or products available in your area to find companies like you.

Head to their websites to make sure that they are actually competitors by establishing who their audience is. Do they work to save the same problem for their target audience, one that is similar to yours? If so, you can gather that these brands are your competition.

You then want to find out who your indirect competitors are. These tend to be companies that target the same core audience but may not have the exact same offerings as you. These brands are good to keep in mind as you never know if and when they may choose to diversify their offerings.

Look at the Experience They Offer Customers

After you have identified the competitors that exist in your market, you will want to dig deeper to learn more about the experience and journey that they offer their customers and see how it compares to yours. Go through your competitor’s buying journey as if you were a customer to gain some key insights. For example, are there certain details or features that stand out that you could integrate into your sales funnel?

Also, look at the pricing of their offerings. Are your prices comparable? If there is a difference in pricing, why?

While exploring this experience, also pay attention to any weaknesses in the brand’s customer journey. This can help you avoid these issues, or fix them if you do something similar. This is a great way to find out what makes your brand stand out from others in your industry and to make these factors shine.

To learn more about how to best conduct a competitive analysis for your brand, head to the link.

How to Identify and Research Competitor Brands

Doing the work to identify and keep up with competitor brands in your industry is a key way to ensure that you are staying ahead of companies in your field.

Head to the “Business” section of our site for more.

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