Competition Research : Check Them Out!

As a retailer, it is very important to check out your competition and stay on top of what they are doing. Understanding your competitors marketing strategies, product selection, customer support, policies, websites & pricing can be used to help you improve your sales. This is called Competition Research.

Competition Research: How To

First, you need to determine who your top competitors are. You may already know a few of them off hand while you were searching online while deciding what to sell in your online store. But if you don’t know who your main competitors are, do a few search engine searches. Use the keywords you want to focus on with your online store and see who comes up on top.

While checking out the competition, put on your P.I hat, get out your notebook and ask the following questions;

About Their Website(s):

1. Does this retailer have more than one website?
2. How is the general feel of the store?
   Is it easy to navigate?
3. Does the site look good?
   Would I buy from them?

About Their Products:

1. Do they have more than one type of product or several?
2. Do they have clear pictures and detailed descriptions?
3. Are the products priced competitively?
4. Do they offer free shipping?

Customer Support:

1. Do they have their contact info posted?
2. Do they have a live chat?

Search Engines:

1. Where is this company located in the natural listings?
2. Are they using ads?
3. What do their ads say?
4. What keywords are they using?

Social Marketing:

1. What are their social media channels?
2. Do they post often?
3. Are they purchasing ads?

Other Forms of Marketing:

1. Do they show at consumer to consumer tradeshows?
2. How about a brick and mortar store?
3. Do they have a blog & post regularly?
4. Do they have an email / newsletter list?

You should note all of these things down in order to help analyze your competition and to narrow to exactly who your main competitors are.

While doing this research you will also get ideas on what you SHOULD be doing if your main competitors are dominating the search engines.