What is your process for researching competitors in retail marketing?

1 Identify your competitors

The first step is to identify who your main competitors are, both online and offline. You can start by looking at your target market, customer segments, product categories, and geographic areas. Then, you can use tools like Google, social media, industry reports, and customer reviews to find out who are the most prominent and relevant players in your niche. You can also ask your customers, suppliers, and partners for their opinions and recommendations.

2 Evaluate their strengths and weaknesses

The next step is to evaluate your competitors' strengths and weaknesses, based on their marketing mix. This includes their product or service, price, place, and promotion. You can use tools like SWOT analysis, benchmarking, and mystery shopping to compare and contrast your competitors' offerings, features, benefits, quality, value, distribution, and communication strategies. You can also look at their customer satisfaction, loyalty, retention, and feedback.

3 Analyze their opportunities and threats

The third step is to analyze your competitors' opportunities and threats, based on their external environment. This includes their political, economic, social, technological, legal, and environmental factors. You can use tools like PESTLE analysis, Porter's five forces, and scenario planning to assess how your competitors are affected by the changes and trends in their industry, market, and society. You can also look at their innovation, differentiation, and diversification strategies.

4 Monitor their performance and actions

The fourth step is to monitor your competitors' performance and actions, based on their goals and metrics. This includes their sales, revenue, profit, market share, growth, and return on investment. You can use tools like financial reports, market research, and web analytics to track and measure your competitors' results and outcomes. You can also look at their campaigns, launches, events, and announcements.

5 Learn from their best practices and mistakes

The fifth step is to learn from your competitors' best practices and mistakes, based on their successes and failures. This includes their customer service, reputation, brand awareness, loyalty, and advocacy. You can use tools like case studies, testimonials, and awards to identify and emulate your competitors' best practices and achievements. You can also look at their complaints, crises, and scandals to avoid and overcome their mistakes and challenges.

6 Improve your competitive advantage and value proposition

The final step is to improve your competitive advantage and value proposition, based on your findings and insights. This includes your unique selling proposition, differentiation, positioning, and segmentation. You can use tools like value proposition canvas, perceptual map, and customer journey map to create and communicate your value proposition to your target audience. You can also look at your gaps, opportunities, and threats to improve and innovate your marketing mix.

7 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?