In the business world, distinction is everything.
No matter what it is you do or offer to the world, there are a thousand other companies out there with the same objective. This is why personality and brand narrative are so important. They help you stand out in the crowd.
Yet, in order to achieve this, you have to get up close and personal.
Otherwise, how do you know what to prioritise? Market research is a fundamental part of business and it doesn’t stop with the customer. You need to know your competitors as well as your own company.
Keep reading for some tips and advice on the best ways to gather information on market rivals.
Web Scraping Services
The purpose of web scraping services is simple.
The software indexes or ‘crawls’ web content at a rapid rate (and in huge amounts) so that it can be harvested for valuable data. There are a number of expert providers in Sydney and the other major cities.
They can zero in on a specific type of information (price, for example), or they can just collect as much data as possible. The important thing is that it is reprocessed and organised into a clear, logical system. This is a format which is easily interpreted by businesses.
If you’re only using basic Google Analytics tools right now, you’re missing out on some really valuable research tools. Google Alerts, for instance, is a simple resource which allows you to monitor competitor activities. It will send you updates when a rival makes changes to their website or content.
It will also inform you if they appear in any articles or news stories. One clever thing which you can do is tag and monitor your own company. That way, you’ll be the first to know if others are discussing you online. This type of tracking is a little sneaky, but it is also a great way to find out if rivals are cashing in on something that you aren’t.
Most companies are aware of how influential social media can be and they are already keeping a close eye on rival pages. If you’re not, you definitely should be. With just a few quick scans throughout the week, you can pick up all kinds of information.
Social media monitoring is particularly good for gauging the mood of the market.
Many brand giants have been taken down by a single ill-advised tweet, so watch closely and learn from their mistakes so you don’t have to make your own.
The Target Market
Obviously, it is disheartening when a customer jumps ship and switches to another brand or rival service. The reality, however, is that you can’t keep everybody happy. You could be the best company in the world and some people still wouldn’t be satisfied. So, it’s important not to be squeamish about losing customers or trying to find out why.
Swallowing your pride and actually asking people why they have switched is a golden opportunity. The more direct, honest feedback that you receive, the clearer the picture. You can only become the best by working out what the market wants. Don’t get stubborn; get clever and work the situation to your advantage.
Why Success Is All About Knowledge
If you want to dominate the market, you’ve got to be highly skilled at gathering and utilising industry insights. After all, being successful in business is not about having the biggest budget or the most experienced team – companies like this fail every day. It is about knowing your world in as much detail as possible. Don’t just observe it. Immerse yourself in it.