Step 1: Identify the top competitors
Posted: Thu Jan 23, 2025 4:41 am
This means you need a smart, organized strategy combined with the right competitor analysis tools. Here’s a step-by-step guide to monitoring your competition and extracting insights:
The first step is to find out who you’re competing netherlands b2b leads with. This may sound simple but it can get messy if you don’t start out in a systematic, organized way.
Before you make a list, divide your competitors into three distinct categories:
Direct competitors: These are businesses that target the same audience and offer similar products or services to yours (e.g. two accounting software for small businesses.)
Indirect competitors: These businesses have similar offerings to yours but target a different audience or market segment (e.g. accounting software for small businesses and accounting software for enterprises.)
Replacement competitors: These businesses offer alternatives to your products or services (e.g. accounting software for small businesses and virtual accounting services.)
Once you’ve got that down, it’s time to do your research.
Find competitors that fall into each category by searching for relevant keywords on Google, scouring social media platforms and forums, using local search on Google Maps and even leveraging market research professionals if you have the budget for it.
Remember to prioritize the competitors that require more attention, such as direct competitors and local businesses operating in your niche.
Step 2: Scope out priorities with SWOT analysis
After identifying your competitors, the next step is to conduct a SWOT analysis for each. This involves breaking down their strengths, weaknesses, opportunities and threats.
The first step is to find out who you’re competing netherlands b2b leads with. This may sound simple but it can get messy if you don’t start out in a systematic, organized way.
Before you make a list, divide your competitors into three distinct categories:
Direct competitors: These are businesses that target the same audience and offer similar products or services to yours (e.g. two accounting software for small businesses.)
Indirect competitors: These businesses have similar offerings to yours but target a different audience or market segment (e.g. accounting software for small businesses and accounting software for enterprises.)
Replacement competitors: These businesses offer alternatives to your products or services (e.g. accounting software for small businesses and virtual accounting services.)
Once you’ve got that down, it’s time to do your research.
Find competitors that fall into each category by searching for relevant keywords on Google, scouring social media platforms and forums, using local search on Google Maps and even leveraging market research professionals if you have the budget for it.
Remember to prioritize the competitors that require more attention, such as direct competitors and local businesses operating in your niche.
Step 2: Scope out priorities with SWOT analysis
After identifying your competitors, the next step is to conduct a SWOT analysis for each. This involves breaking down their strengths, weaknesses, opportunities and threats.