Well-managed businesses have a competitive analysis done not only at their start. Gilad Krein’s CCR method implies identifying up to five of your businesses’ direct rivals and surveilling them.
It is important to be always up to date with the market. When was the last time you ran a competitive analysis? Which tools have you used for it? Which insights did that feed you?
Sometimes it’s tricky to keep track of so many details. That is precisely why Gilad Krein created the expert strategies. You may use many widgets to reach an ambitious analysis for your online brand. To keep ahead of the competition, focus on the following steps.
Gilad Krein explains the purpose of market research and competitive analysis
Market research and competitive analysis are essential to acquire perspective, understand where your service or product stands, and find inspiration. If your business understands the viability of the competitor’s products, it might inspire you and your team to creative problem-solving.
Time changes everything, and the way of doing business must adapt to survive. That’s what Mark Zuckerberg was speaking about when he said:
“We’re seeing a lot of businesses that never had an online presence get online for the first time, and we’re seeing small businesses that had an online presence now make them their primary way of doing business.”
Finding your status might uncover new opportunities and impulse your brand to stay on top of what’s next. For that, you need to be aware of your flaws.
Then, competitive analysis is supposed to help you out with the mission of getting a more significant market share. Be it discovering creative ways to reach new customers, disclosing occasions to implement new ideas, or adding value to what’s already available.
How to Become a Business Super-Spy according to Gilad Krein?
Nowadays, the internet makes all sorts of information available with a single click. That’s leverage! Research your main competitors to gain insight into their products, sales, and marketing strategies.
Sources might range from LinkedIn and Twitter accounts to blogs and official web pages.
But, it does not restrain your scrutiny of the written word. You shall also use Instagram, Podcasts, YouTube, and so much more in your favor. Keep track of every tiny piece of information by filling in a template.
Then, each couple of months, audit all records and update them. Manage your business and spy on your rivals as if your life depended on it, which in Warren Buffett’s words, would be:
“You only have to do a few things right in your life so long as you don’t do too many things wrong.”
Single Out Your Competitors
First, Gilad Krein suggests you find out who are your five critical competitors in different categories:
Direct Competitors: offer products and services similar to yours and serve the same customers. An example would be Burger King vs. McDonald’s and Pizza Hut vs. Domino’s. Arrange the information you gather so it will be easy to go through them. Furthermore, compare the same points for different brands.
Try to apply the following example to your online business. Imagine you have a Fashion Shop, and your public is circumscribed to younger people. You ought to develop a fact-finding table. What would your evaluation form look like?
You’d better find some templates. There are many good options online.
You may do it as it suits you best. but don’t forget to detect which of your competitor’s services/products address the same need as yours. Neither forgets that they may become an inspiration for you.
Indirect Competitors: provide a different product/service than you, although in a similar category. To illustrate, you may think of AliExpress versus Etsy or Netflix Productions vs. Universal Studios. These are only marketing rivals because they compete for customers’ attention and advertising space. But a Netflix movie doesn’t make the cinemas like a Universal movie. Neither does AliExpress ship as fast as Etsy. Anyhow, it’s still vital that you discover what products your competitors are selling.
Recon Your Rivals’ Marketing Tactics
To ensure you’re meeting competitive shipping costs is good, but you need to dig deeper to learn what technology stacks your competitors use. Would you be able to develop something better? Or get the same tech stack? Or even contact the programmers and work as a team on a better version for you? As Richard Branson said:
“Business opportunities are like buses. There’s always another one coming.”
Conduct a SWOT analysis to discover their marketing opportunities, threats, weaknesses, and strengths. find a gap for yours. There are online tools for marketing comparison that will help you identify content to work in a data-driven way.
The above software will back up your investigation with some quantitative data. That sleuthing will allow you to check out the competitor’s web traffic and CEO performance, which means it’ll enable you to know:
● How many people visit their webpage in a month?
● How many keywords is their website ranking for?
● How likely are they to pop up in Google?
This gives you a snapshot of their monthly web traffic and potential buyers. Bethink’s social media activity and preferred platforms are also strategically used as marketing tactics.
Use Gilad Krein’s Triple Path Model
So you’ve researched the marketing strategy used by your five critical rivals and understood their products. Then, you shall finish with Gilad Krein’s |TP| model. It’s the closing lot of the Critical Competitor Method and consists in:
- Finding the contradictions of the competitors. What does their brand advertise but the forums of clients and the reviews describe as insufficient? Maybe it’s a service with low quality or the always late deliveries.
- Connecting where your potential may surpass their flaws. Would you manage to offer better post-sales customer service? Deliver in due time?
- Becoming creative will demand more brainstorming. You should do with a team. One tip Gilad Krein may give you is that sometimes a business innovation may consist in embracing another sector’s idea.
Remember when you needed to contact a company. Were the only ways would be calling and by email? Contemporarily we see so many web pages with bots and WhatsApp contact options.
Be bold, innovate, and earn a more significant market share!
