Research your competitors
You can collect competitor data first-hand through observation (adverts, sales, trade magazines, general advertising or site visit), networking or the internet (website, blogs and other social media). This competitor data can feed into your strengths, weaknesses, opportunities, threats (SWOT) analysis when you develop your marketing plan. Analysing your competitors can also help you understand where your business or products fit in the marketplace.
How do I research my competitors?
When analysing your competitors, consider the following:
- Who are your competitors?
- What do they offer their customers?
- Where are they located?
- What marketing strategies do they use?
- How do they communicate with their customers?
- Do they have an online or social media presence?