As was noted in three or four recent posts, business data and other forms of business information, which may consist of the observations and predictions of researchers, journalists and other experts, have always been an essential resource for business owners and leaders. As we move through the 21st century, data-driven decision-making, enabled by powerful software programs and artificial intelligence, has become the hallmark of responsible business management.

Chief among the market research that every successful business owner or leader must do is assess the competitive landscape in his/her marketplace. Questions you’ll want to find answers to include:

• Who sells products and services similar to your own?
• Who are their customers?
• What is the estimated size of their market?
• Who dominates, how and why?
• How do the marketplace leaders attract and retain customers?
• What is their price range?
• How successful are they?
• Can you launch your venture alongside these competitors and achieve sustainable success?

Mapping your competitive landscape also includes identifying direct competitors, meaning companies whose services and products closely resemble your own and indirect competitors, that is, those whose products and services present an alternative choice within a similar price range that can be sold as a potentially satisfactory solution. Understanding the difference between direct and indirect competitors can be simplified by comparing the process to shopping for a Valentine’s Day gift.

The chocolate shops are all direct competitors, with price as a potential differentiator, because chocolates are more or less interchangeable. The same can be said for florists. But chocolate shops and florists are as well one another’s indirect competitors within a similar price range because for $50.00, you can buy either a nice bouquet or a nice box of chocolates.

Start your investigation with a key word search using terms commonly chosen to describe your company’s products and/ or services to see who appears and how they rank. Whoever makes it into the top 10 are the most successful of your competitors. You can also check out member lists at the business and professional groups you’ve joined (yet another reason why business associations are a good investment). Visit the websites of the top 4 or 5 competitors in your search, along with their social media pages and Yelp reviews.

Make note of speaking engagements made by the principals—-host organization and topic, along with company participation in local charity events and business awards and nominations received. If successful competitors have done any of those things, don’t be ashamed to follow with a me, too.

Popular products and services

Knowing what sort of products and services are best-sellers for your top competitors is tremendously useful intel and will enable you to make smarter decisions about building your solutions and making your prospect’s hot buttons blink.

So try to figure out what competitors sell the most, what sells the least for them and what’s somewhere in the middle. Keep the best sellers in mind as you design your services, perhaps adding a differentiating something extra to create more value in a way that’s affordable for you, or that you can sell at a premium.

Finally, watch for what gets revised and what gets dropped. Notice how products and services are described and positioned and, if possible, priced. Learn from competitors’ mistakes.

Leadgen strategies

Absolutely, spend time analyzing the website landing pages and social media accounts of your major competitors. You want to know how they keep their pipelines filled and how they persuade prospects to remain on the buyer’s journey. What informational goodies and special offers have they sprinkled into their TOFU, MOFU and BOFU ( top, middle and bottom of the funnel)?

You may find the inevitable free-for-the-price-of-your-email-address e-book or highlights of a keynote speech delivered at a popular conference. You’re looking for inspired, desirable content choices that you hadn’t thought of, so you can offer something similar as a way to engage prospects and stimulate lead creation.

Blog and newsletter content

Pay attention to topics that are most often covered and those that are infrequently discussed. Notice also if certain topics are spotlighted during particular months. Observe which types of posts are often shared on social media and note which platforms are most often used (and which ones used the least). Your objective is to help yourself plan a content marketing strategy that features topics of interest to prospective readers and simultaneously support the premise that you are a reliable source of good information and a capable professional.

If you’re feeling more curious, use a traffic analysis tool to search for the blog-related URLs in the Top Pages list. Analyze their unique page views and visits, conversions, traffic sources ⁠— make note of all the data that’s presented. Publishing a respected blog or newsletter could become an integral building block of your success. .

Selling points

What objectives emerge as the core purpose, the main problem-solving motivation, that your competitors speak to when communicating to prospects—on their website and social media platforms, in case studies, and testimonials and in their newsletters and blog posts? What do they aim to help their customers achieve when making the case to do business with them? What descriptive language is used? Also, what benefits do they emphasize to persuade prospects to reach out to them?

Moreover, what competencies do your competitors trumpet as a valuable resource that their clients prize and prospects desire? Is it a specialized academic degree, skills certifications, prior work experience and/ or prestigious client list?

Call-to-Action

What you want to know is how competitors sell their CTA. “Buy now” and “click here” are phrases you can think up on your own. The purpose of this research is to see examples of (presumably effective) CTA pitches, both the give-away info and what is said to create an appetite for it. The information offered should be something that prospects are likely to find useful, or somehow interesting and for some items they’ll be willing to surrender their email address to obtain it.

A free 30-minute phone conversation with you or a team member that will allow serious prospects to get insight and answers about how your products and services might help them achieve a goal or solve a problem should make a tempting offer. Click the link to learn more about effective CTAs (gotcha!):

https://freelancetheconsultantsdiary.wordpress.com/2021/04/06/a-call-to-action/

Thanks for reading,

Kim

Image: Krystle (L, Linda Evans) and Alexis (Joan Collins) were eternal rivals and fierce competitors on the prime time soap opera Dynasty (ABC-TV 1981-1989)