Knowing who our competition is very important, we must focus on certain aspects that they have, in order to enhance the areas of our business where we see an opportunity for improvement.
Before analyzing any aspect, we must be very clear about who our competitors are. Because we cannot take reference and analyze brands that you consider competition and maybe they are far from being it. Therefore, we asked our renowned president, Laura Aguirre, what are the key factors to know and recognize our competition. In this regard, she tells us that it is essential to be clear:
- What they sell, to whom they sell.
- Do they offer the same products/services that replace yours?
Around this stage you should ask yourself how their:
- Facebook and Instagram Ads campaigns, Google Ads, and any other advertising platform.
- Content planning strategies.
- Segmented audiences, advertisements, copy, designs, etc.
- Points of sale and marketing maps in case it is a business with physical products.
- Web traffic of your sites, SEO analysis, etc.
We may have thousands of ideas and opportunities to exploit, but if we don't know what the competition is doing, our market share is likely to suffer despite our efforts to expand it.
As Laura says, "researching the competition is knowing how to identify your opportunities and threats as a business, it is discovering and experimenting how you can give much more". We should not become obsessed with researching our competitors and being attentive to their every move. It is about not losing sight of them to look for points that we can take advantage of.
Do you know who your direct or indirect competitors are? At The Stillman Factory we provide you with the necessary tools to find out your competitors and strengthen your company.
Activate the TSF mode.
