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How do you prioritize your actions based on competitor research?

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Competitor research is a vital part of marketing analytics, as it helps you understand your market position, identify gaps and opportunities, and benchmark your performance. However, not all competitor data is equally relevant or actionable. How do you prioritize your actions based on competitor research? Here are some tips to help you.

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1 Define your goals

Before you dive into competitor analysis, you need to have a clear idea of what you want to achieve. What are your specific, measurable, achievable, relevant, and time-bound (SMART) goals? For example, do you want to increase your traffic, conversions, retention, or revenue? Do you want to improve your customer satisfaction, loyalty, or advocacy? Do you want to launch a new product, service, or feature? Your goals will guide your research focus and criteria.

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Jesujuwon Kuye

The Collaborative Partner - Growth Strategist | Building Brands & Engaging Audiences
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Actionable Insights: 1. Identify your key competitors and analyze their strengths and weaknesses. 2. Track your competitors' progress and use your findings to prioritize your actions. 3. Develop new products or services, improve your marketing strategy, or expand into new markets. 4. Get input from your team and use a prioritization matrix. 5. Be flexible and adjust your priorities accordingly.

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2 Identify your key competitors

You can't analyze every competitor in your industry, so you need to narrow down your list to the most relevant ones. You can use different criteria to segment your competitors, such as size, location, niche, audience, offerings, or differentiation. You can also use tools like Google Trends, SimilarWeb, or Alexa to compare your web traffic and keywords with your competitors. Ideally, you should have a mix of direct, indirect, and aspirational competitors to analyze.

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Finice jones

Regional Marketing Director, Chanel | Charity | Investors | Travel
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Understand competitors' core capabilities, market shares, strategic priorities and future plans. This can be accomplished by studying industry reports, financial statements, news reports, public speeches, and competitors' products and services. Identify your target market and understand how your competitors are performing in this market. Identify opportunities and risks in the market so you can adjust your strategy and priorities. Understand customer needs and preferences and how competitors are meeting those needs. This helps identify opportunities for differentiation of your product or service in the market.

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3 Gather and organize your data

Once you have your goals and competitors defined, you need to collect and organize your data. You can use various sources and methods to gather data, such as web analytics, social media, surveys, reviews, content, pricing, or SWOT analysis. You can use tools like SEMrush, Moz, or Ahrefs to get insights into your competitors' SEO, PPC, and content strategies. You can use tools like Sprout Social, BuzzSumo, or Mention to monitor your competitors' social media presence and engagement. You can use tools like SurveyMonkey, Typeform, or Qualtrics to get feedback from your customers and prospects. You can use tools like Excel, Google Sheets, or Tableau to store and visualize your data.

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Bejaye Ilegbodu, MBA

Business Marketer | Strategy, Consulting, Customer Success, Customer Marketing, Digital Experience | Mentor
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Decide on the tool(s) you'll be using to gather your competitive data. Software tools will allow you to conduct searches by keyword or name. You may want to use a separate tool to organize and managed the data you've collected, and then a visualization tool to showcase your findings.

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4 Analyze and compare your data

The next step is to analyze and compare your data with your competitors'. You can use different frameworks and techniques to do this, such as gap analysis, benchmarking, or competitive matrix. You can use metrics like market share, growth rate, customer acquisition cost, customer lifetime value, retention rate, net promoter score, or conversion rate to measure your performance and compare it with your competitors'. You can use tools like Google Data Studio, Power BI, or Databox to create dashboards and reports that show your strengths, weaknesses, opportunities, and threats.

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5 Prioritize and implement your actions

The final step is to prioritize and implement your actions based on your analysis and comparison. You can use tools like Trello, Asana, or Monday to create and manage your action plan. You can use the Pareto principle, the Eisenhower matrix, or the MoSCoW method to prioritize your tasks based on their impact and urgency. You can use the SMART framework, the OKR framework, or the RACI matrix to set and assign your objectives and responsibilities. You can use tools like Google Analytics, HubSpot, or Salesforce to track and measure your results and ROI.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do you prioritize your actions based on competitor research?

1

2

3

4

5

6

1 Define your goals

2 Identify your key competitors

3 Gather and organize your data

4 Analyze and compare your data

5 Prioritize and implement your actions

6 Here’s what else to consider

Marketing Analytics

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How do you prioritize your actions based on competitor research?

1

2

3

4

5

6

1 Define your goals

2 Identify your key competitors

3 Gather and organize your data

4 Analyze and compare your data

5 Prioritize and implement your actions

6 Here’s what else to consider

Marketing Analytics

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