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Understanding Your Direct/Indirect Competition
Your direct competitors are those companies which offer the same kind of product/service to the customers. In the same way, Pepsi is a direct competitor to Coca Cola, other companies will be your direct competitors, making the customers choose between you and them before making the final decision. For instance, if you open an ice cream shop in New Delhi, your direct competitors will be other ice cream shops from the Indian capital.
Doing Market Research to Learn Everything about Your Direct Competitors
There are many digital marketing agencies (market research) out there that can help you with finding out everything you want to know about your business rivals. These agencies use various tactics in other to gather valuable data, including customer surveys, official business registers, etc.
Taking Advantage of Social Media for Learning about Your Direct Competitors
Social media platforms like Facebook, Twitter, and Instagram can tell you a lot about what customers think about your competitors. If a company has large followership on social media, it can mean two things – either their marketing team is doing a wonderful job or people really love their products/services.
Keyword Research for Finding Your Indirect Rivals
When it comes to finding your indirect rivals, that is, those companies with which you’ll have to battle for a good place on Google, keyword research is your solution. Through keyword research, you can easily get an insight into how difficult it’s going to be to promote your brand on the internet. Basically, keywords are those terms and phrases that users type in Google (or any other search engine) when looking for something. Finding keywords that are relevant to your business niche will help you plan your marketing strategy, as well as give you a lot of info about your competitors. In order to get that info, you can use Google. Just do a Google search on a keyword related to your business and you’ll see how many competitors you have.Making Use of a Competitor Research Tool
Identifying your direct and indirect competitors with the help from Google will save your money, but will cost you a lot of your time. Not to mention that you probably won’t be able to get all the information you need. For all of its pros, Google does have some cons. And that’s why a better alternative is to use some kind of a competitor research tool. Apart from that, a tool like SE Ranking Competitors SEO/PPC Research Tool can supply you with some information about your rivals’ on-page SEO and on-site content, their backlink volume and quality, the number of website visitors and their location, and so on.