Knowledge is power. Knowing how to conduct a successful competitor analysis and utilize the knowledge gained gives you a powerful edge in business.
The U.S. Chamber of Commerce explains the importance of competitor analysis this way:
“A competitive analysis helps you size up your competition by identifying their strengths and weaknesses. In order to know how receptive the market is to your business and what works or does not work, you have to understand how similar businesses are functioning. Learn what mistakes to avoid and discover trends you can implement into your own practice.”
The U.S. Chamber of Commerce also offers these 6 steps to performing a competitive analysis:
- Identify competitors — both direct (offering the same products or services as you to the same target market) and indirect (offering similar products but to a different target market or offering different products to the same customers as you).
- Analyze competitors’ online presence — the functionality of their websites as well as how they’re engaging with their audience.
- Check online reviews — including Google, Yelp, and Facebook.
- Talk to competitors’ customers by reaching out to those who have left reviews, especially those who have had a bad experience, to find out more about what they want and need.
- Identify and evaluate competitors’ strengths and weaknesses.
- Use research tools like SEMrush, SpyFu, BuzzSumo, and Owletter to make the process easier and more efficient.
These are important first steps, but more can be discovered by taking a different approach, and an even closer look, at your competition.
Simply knowing how to conduct a successful competitor analysis isn’t enough. You also must then objectively compare your own company’s practices with the data collected about your competition.
And you need to do this regularly as part of an ongoing process.
In-Depth Competitive Benchmarking programs work to not just identify your key competitors, but also to define specific common elements of customer service and quality that you can measure, rate and compare.
When you compile reliable competitive data about how your contact center agents perform compared to those of your competitors, you’re then able to take the action necessary to provide a superior customer experience.
Competitive benchmarking gives you the knowledge and the power to set your business apart, creating a fierce edge over others in your industry.
Implementing a comprehensive competitor analysis and competitive benchmarking program gives you the insights, knowledge and increased awareness that will drive business growth. With it, you’ll be able to quickly identify and respond to trends in customer needs and behaviors. It also creates an engaged environment for strategic decisions about product development, sales strategies, company evolution and more.
As key as this process is, figuring out how to implement a successful competitor analysis and competitive benchmarking program can feel overwhelming to many business leaders.
But it doesn’t have to be that way. We’re here to help.
If you’re curious about what a competitor analysis and competitive benchmarking program would look like for your business – and how it can set you apart from the crowd – we’d love to talk with you about it.