Find out what it will take to differentiate.
Competitive Research Services
Competitive Research FAQ
What is competitive research?
What are the first steps of competitive research?
So I should just look at their website and see "how they do it"?
Yes, that’s part of it, but it goes much deeper, and that’s where you may need a professionals help. While seeing what they’re posting online is excellent and part of the research, you’ll want to find out how everything is structured.
Speaking of websites, you’ll want to see where they rank organically for essential keywords within your industry. You’ll want to see how their website is constructed with regards to page titles and tags. You’ll want to see who is linking to them and how that linking is helping their website locally. Who created their website?
Going even further into digital marketing, you’ll want to see how much they utilize paid search and ads on social media. What do their search ads look like? What does their landing page look like? How much money are they spending on search advertising a month? What are they bidding for specific keywords?
The same kind of depth would need to apply to everything they do that you can find even outside of digital marketing.
Once the files are built on my competitors, what can I do with the information?
Is competitive research something I just do one time?
It can be and that one time will help, but good companies are doing this type of research around the clock. Think about large businesses. If someone sneezes in Coca Cola’s office, Pepsi will probably know about it.
There are ways you can automate your competitive research to receive updates about your competitors continually.
A simple (and free) way is to use Google Alerts. Simply add your competitor’s name to your alert, and you’ll be updated when something new hits the internet about them.