How do you research competitors?

When you're defining your goals, also clearly define what problem you're solving. If you don't know what problem you're solving, it doesn't matter what anybody else is doing in the marketplace.

Don't just concentrate on digital footprints. Participate in conferences or webinars where your competitors may be speaking or presenting. Check out their physical locations. You have to do the groundwork.

When setting objectives, it is crucial to distinctly identify the problem you intend to address. Without a clear understanding of the problem you are solving, it becomes irrelevant to consider the actions of others in the marketplace. Clarity about the problem allows you to focus your efforts, devise effective strategies, and measure your success in achieving the desired outcome. By defining the problem, you lay the foundation for meaningful progress and innovation. Remember, a well-defined problem is the key to unlocking meaningful solutions and staying ahead in the competitive landscape.

The words I want to emphasize are specific and measurable goals. If you're reaching for the stars and your goals are too monumental, they aren't achievable.

Before researching your competition, get clarity on your problem statement and value proposition by interviewing your target stakeholders. Define the attributes you would like to search for. This allows you to gain insights that matter to your go-to-market strategy.

If you are an entrepreneur and say you don’t have any competitors, you’re fooling yourself. Choose your list of competitors from each stage of the growth cycle, including early stage start-ups, established firms, and even failing dinosaurs. Make sure you are thinking broad enough to include free / government alternatives. Use broad descriptions of “what we do is” to capture substitutes.

Following your competitors on social media will allow you to see these people, what they're doing and what their services are.

There is always competition. Use trade associations within your industry to find competitors, and in life science and tech, use government databases such as the National Institute of Health NIH Reporter database and reporting agencies such as IBIS World for industry trends. If the companies are public, annual reports are helpful to research your competitors. Make sure you identify both direct & indirect competitors.

As an entrepreneur, it is essential to acknowledge that competition exists at every stage of the growth cycle. Competitors can come in various forms, including early-stage start-ups, established firms, failing dinosaurs, and even free/government alternatives. Recognizing and understanding these competitors helps us position our business effectively and identify potential threats and opportunities.

Who are the influencers in your niche, then check their testimonials, you will find some of your competitors there! Check those people out on Linkedin and go to website etc.

Seek insights from your own customers about their experiences with your competitors, understanding what sets you apart and what improvements you can make.

Data collection is paramount in knowing if an opportunity exists for business growth. However, you need to consider the kind of data you need, whether it's macro or micro-economic data, the size of the market, the audience and the customer base. Also, do not ignore the perception and reputation that audiences have of those in the market. Competing on reputation and improved customer experience can give you a competitive advantage. Invest in knowing you prospective customers. Reputation matters!

Don’t just Google your competitors. Talk to humans. Get introduced to people who work with or at those companies and ask questions about how they work, what their challenges are, etc. You’ll get insights that aren’t on the internet, which are often far more valuable,

You can also collect data on their government funding, especially if you are in the innovation space. Knowing what's funded early indicates innovation trends so you can stay ahead of the curve.

You can also perform a sentiment analysis of your competitors and identify areas of improvement or gaps that you can implement as differentiators for your products or services.

Always assume there is a better way. Look for what works for your competitors but don’t forget to look at the entire forest. Your competition if forgetting something, and it’s important.

Just because your competitor is doing it one way doesn't mean your way isn't the best fit for your audience or your prospects. It also doesn't mean it can't work for your audience or your prospects.

I highly recommend doing "post-mortems" on deals you did NOT close with prospects. Ask, "Why did you choose to go with a competitor, what did we NOT do/DO that tipped the scales toward the other supplier/provider, what did they do or provide that convinced you to purchase from them, etc."

Your number one competitor is probably “do nothing” or an excel spreadsheet. Avoiding a purchase is safer for your prospect than making the wrong purchase. I’ve found competitors often make great friends and client research trumps competitor research.

Rather than solely following your competitors, focus on setting new trends and innovating within your niche, positioning your brand as a leader in the market!

Once you identify your attributes for a product or service, you can also do surveys and analyze data to find gaps in the market to inform your product development and go-to-market strategy.

It is really easy to view competitors and competitor brands as ‘enemies’ who have to be beaten. Often there are opportunities to collaborate and boost one another’s brands - so I would always advocate remaining open to these opportunities and build them into any competitor research. Competitors can become powerful allies who can boost your audience with their followers.