Competitor Analysis: Comprehensive Guide to Market Research

Finding your competitors:

The first goal is to find competitors that belong to your niche. Do research on google and on social media to find competitors that sell the same product and services as you.

You need to find main competitors, direct competitors, indirect competitors and new ones. If you know who is your competitor will help you to put your eyes on them.

Uncover the keywords they are targeting:

The second goal is to build a list of the keywords that you use for targeting your audience on the websites and social media. The main thing you must do is to find those keywords too that your competitors are using. You need to find their main keywords, long tail keywords, or other phrases and use those keywords for your purpose.

Using those keywords will improve your ranking on search engines and social media. You will attract your competitor's organic traffic to your business.

Spy on social media accounts of competitors:

Businesses in Dubai must need to spy on their competitor's social media accounts. They need to see those things:

• Which type of content do they usually post more?
• How do they interact with their audience on social media?
• Are they giving offers or discounts on their social media accounts?
• Are they organizing a social media contest?
• Are they sending messages directly to their clients?
• How does the social media audience give likes to their conten
• Which platform do they use more?
• At which time they do post more?
• Are they running social advertising for their promotion?

Getting detailed information about their social media marketing strategy will help you in a much better way to adopt a more effective social media marketing strategy for your business.

Visiting their website or a blog:

You also need to visit their website or blog regularly. You will understand which type of content they share on their website. Which type of activity do they perform on their website? You will also keep track of their website traffic through different tools.

By visiting their blog, you will understand which type of information they share with their audiences. Are they giving information related to their products and services in blog articles? This will gives you a lot of information about your competitor's web traffic and content marketing strategy. You will find his weaknesses and use his weaknesses to take the lead in the market. You will also get several ideas for the content that you make and post it in your company blog.

Go as buyers to their local store:

This is a good technique to keep a check on your competitors. You just need to go as buyers to their local store. You will get a lot of information about your competitors which were given below:

1. You will understand their product and service quality.
2. You will also find new ideas for your product and services.
3. You will also find your competitor's price strategy.
4. How do they display their products?
5. How they do packing of their products.
6. How do they behave with their customers?

These types of information will be very useful and you will get a lot of ideas related to your price strategy, package material and quality of your products and services. You will set your better price strategy, packaging and quality which will be beneficial for your business.

Interview the competitors potential customer:

Your competitor's potential customers will be very useful for you because they use their products and services. They tell you better about your competitor's products and services. All you need to find those potential customers when they come out after shopping from your competitor's local shop and interview them. You will also find them on their social media profiles. Do direct messaging to them and send them a survey which got questions like:

1. Why do you take interest in these companies' products and services?
2. What do you like the most about those companies?
3. What attracts you to them?

Same questions you also ask when you interview them physically. In this way, you will get potential information about your competitors from their potential customers.

Providing a good job offer to their employees:

You gather information about your competitors through research on the internet or the local market. You find that their marketing team is behind their success. You may open the job openings in the marketing department and gives those employees a good job offer from the ones that they are doing. There is a good chance that they left your competitor's company and join hands with your company. So, you will win the race in your marketing strategy from your competitor's ones.

Understand their marketing strategy:

This is very essential to find their marketing strategy. It’s a marketing strategy that plays a vital role in business success. You will try to find that which marketing strategy they use in their business model. You will find these:

1. Which marketing tactics do they use more?
2. Try to find that they hire a marketing agency or their marketing team works for their marketing purposes.
3. Are they also follows traditional ways of marketing?
4. Do you also need to find that they use digital marketing techniques?
5. Are they also hiring influencers for their promotion of products and services?

This will gives a clear picture of their marketing strategy and you will easily identify their problems in marketing strategy and find a good way to make a better marketing strategy for the promotion of your business.

Find their suppliers of products and services:

You will need to find the suppliers of your competitor's products and services and ask them to also provide products and services. Make sure you must say to provide these products in better quality. You may provide better rates to them. You will get better quality products from your competitors in this way. A better quality product means more customers to your business.

Attend the local expo center:

Businesses in Dubai must take part in local expo centers or local exhibitions. You also arrange your company stalls in these exhibitions. You also put eyes on your competitor's stall. See how they display their product, and how they interact with the people coming to these exhibitions. Do this research and show your products in a better way with a better pricing strategy and interact with people more naturally. The visitors took more interest in your stall than your competitors which means you will get more clients for your business.

Perform SWOT Analysis:

You need to perform a SWOT analysis on each competitor. You need to find these things from the analysis:

1. S (Find the strengths of your competitors).
2. W (Find the weaknesses of your competitors).
3. O (What opportunities do they create for themselves/ what opportunities you will get from their mistakes?)
4. T (What threats you may get from your competitors?)

By SWOT analysis you will understand their strengths and weaknesses. You will also understand what opportunities you will get. What threats they may give you in the future? You will get a clear picture of your brand and your competitors. It will help you to take the better decision than your competitors.