In this video, you will use Google Search to research businesses in your area that are similar to yours.
Then, you will record your notes in Google Docs.
Businesses that offer similar products and services to yours or that serve a similar target market are your competitors.
Researching your competitors will help you determine how to make your business stand out and gain competitive advantages.
To begin, go to the tab with your notes document.
Create a heading for Competition.
Use the same type of heading used for your Customers heading in the previous video.
Then, return to your research tab.
Search for businesses in your area that are similar to yours.
Begin with those that offer the same service or products.
When you find a competitor, create a heading with their business name.
Then, hyperlink the heading to their website.
Add their address.
You might find this in your search results or on the business’s website.
Next, read their website carefully.
As you read, take note of important details about their business, such as the products and services they offer.
Add a subheading to your research document to organize this information.
Then, add more business details under the subheading.
Create a bulleted list to help organize the information.
On the competitor’s website, look for details about the business that might give your business an opportunity to do something slightly different to stand out and gain customers.
Then, type another subheading and list of details into your research document.
For example, add information about guarantees, pricing, hours, and special services such as delivery or customization.
If your business plans to offer specific services, see what other companies offer those services.
Add as much detail as necessary to each subheading to understand your competitor’s business model.
Use bullet points to organize your information.
Next, research the competitor’s customers and how they reach them.
Using their website, marketing materials, and any write-ups on the company, look for information about their: Target market, Marketing message, and brand positioning, or their business identity in the market.
Add subheadings to your document for these other research areas.
If a competitor’s target market is unclear, make an educated guess based on the information you find, such as their location and the services they offer.
To determine marketing message and brand positioning, consider where the competitor advertises and what their brand looks like.
Describe their brand and how it makes their customers feel.
If something is unclear, note it and move on.
Later, your challenge will be to develop clear, coherent messaging and branding for your business that your target market will understand.
Continue adding details about competitor business models and brand identities.
This might include whether your competitor is a small business or large chain, how many employees and locations they have, and how long they’ve been in business.
Follow this approach to thoroughly research as many competitors as possible.
This may take multiple research sessions.
Time your research to ensure that you use your time productively.
Because your document is stored in Google Drive, you can return to it and continue your research whenever you like.
Now that you’ve researched your competition, move on to the next video to analyze your competitors’ strengths in a table.
Now, it’s your turn: Add a heading to your notes for competitors, Link each competitor’s heading to their website, List their address, And organize your notes with subheadings and bullet points that provide specific information on pricing, hours, customers, marketing, and key details.
- Add a heading to your notes for your competitors.
- Link each competitor’s heading to their website.
- List their address.
- Organize your notes with subheadings and bullet points that provide specific information on pricing, hours, customers, marketing, and other key details.