Competitor information is decision-relevant data about your competitors and their products and services. It helps predict future actions, understands the competitive landscape, and learn how to improve your business strategy. By gathering and analyzing the data, you can discover market gaps, determine your competitors’ strengths and weaknesses, and identify marketing and advertising activities.
Competition can be a challenging obstacle for smaller companies. For example, an eyeglass manufacturer may need help competing with a contact lens maker. New companies can often enter the market and quickly take over, leaving the more prominent players with few opportunities. Despite this obstacle, a company can still make the most of its strengths and minimize weaknesses. Using competitor information is the first step in doing so.
In addition to identifying your competitors’ main strengths and weaknesses, you will also need to analyze their products and services. Data scraping service These can provide meaningful information on competitors’ capabilities, technologies, and manufacturing processes. Depending on your needs, you can also look at the quality and price of the product. Access to this information can help you decide whether to launch a similar product or pursue a different line of products.
During this research, you can gather information from suppliers, distributors, and customers. Additionally, you can do interviews and surveys. You can even visit the competition’s website or social media page to see what they are up to.
A competitor matrix can help you organize the data you have gathered. That way, you can compare your findings with competitors more easily. Adding more categories as you discover more information is recommended.
Another way to get a sense of how your competitors are doing is to examine their business models. Usually, an annual report will contain an in-depth view of a company’s activities. Besides its revenue, a business report will include its subsidiaries, employees, and business growth strategies. If you can look at your competitor’s website or social media pages, you will get an idea of what they’re doing and their message.
You can also obtain competitor information from trade shows. Most professional trade associations sponsor trade shows and other industry meetings. At these events, you will be able to meet your competitors, learn more about their products, and get a feel for their approach to competing in the market.
Another great source of competitor information is sales literature. The sales brochures of your competitors can reveal how they position themselves in the marketplace, the benefits of their products, and the advantages they have over the competition. When you order a product from a competitor, asking for a copy of the sales literature is always a good idea. Also, contact former employees of a competitor and get a firsthand account of their workplace.