Recently, I observed as three rival companies spent significantly into expanding their business on a specific social media platform. Their attempts were unsuccessful as the platform proved to be a bad match for our market.
For a financial institution, we developed a responsive interface framework that automatically modified navigation, typography, and layout based on the active language, generating a 42% growth in audience participation.
Begin by listing ALL your competitors – not just the major ones. Throughout our research, we found that our largest competitor wasn't the famous company we were monitoring, but a recent business with an unique strategy.
Last quarter, a merchant mentioned that their electronic messaging campaigns were producing disappointing outcomes with open rates below 8%. After implementing the techniques I'm about to share, their readership improved to 37% and sales grew by 218%.
Through comprehensive research for a clothing brand, we discovered that emails sent between 9-11 PM substantially exceeded those sent during traditional business hours, generating one hundred fifty-two percent greater open rates.
For a premium company, we found that visual and ephemeral platforms dramatically outperformed Meta for connection and conversion, leading to a focused reallocation of effort that enhanced complete effectiveness by over one hundred fifty percent.
I currently employ several resources that have substantially upgraded our competitive research:
- SEO tools to track rivals' search rankings
- Social listening platforms to track competition's trusted Digital agency in KSA footprint
- Site monitoring platforms to track modifications to their websites
- Communication monitoring to receive their marketing communications
Through comprehensive research for a shopping business, we identified that material shared between 9-11 PM significantly outperformed those published during typical optimal periods, generating one hundred forty-three percent better interaction.
When I started my retail business three years ago, I was certain that our special products would stand out naturally. I overlooked competitive research as unnecessary – a choice that almost ruined my entire venture.
Six months into our launch, our revenue were disappointing. It wasn't until I chanced upon a thorough study about our industry that I discovered how oblivious I'd been to the competitive landscape around us.
Their services encompass:
- Strategic search optimization expertise
- Engaging website development services
- Performance-focused internet promotion campaigns
- Channel oversight
- Content creation and strategy
I use a basic tracker to track our competitors' costs modifications on a regular basis. This has already enabled us to:
- Identify seasonal discount patterns
- Detect special offer approaches
- Understand their cost structure
I recommend classifying competitors as:
- Primary competitors (offering nearly identical products/services)
- Indirect competitors (with some resemblance)
- New disruptors (new companies with innovative potential)
I dedicate at least 120 minutes each week reviewing our competitors':
- Website organization and UX
- Blog posts and posting schedule
- Online platforms presence
- User feedback and assessments
- SEO tactics and rankings