Anyone who has a business, whether it be retail, food, or manufacturing, can tell you that competition can make or break them. There are a lot of things you can do to research your competition. You will find many resources out there to facilitate this research, as well. Companies such as Universal Manufacturing Corp. have many competitors, and keeping up with them is imperative. They need to know what kinds of products other companies are putting out, as well as the quality of said products, pricing, etc. Let’s take a look at some of the things you can do to research competitors.
One thing you can do is check out the brand’s social media. This is going to give you some idea of how they do business. You will find reviews about the company, which is going to give you clues as to their product quality and their customer service. Social media reveals a lot about a company. When people have an issue with a brand, that’s usually the first place they take it. Make sure you check out all of their social media channels, not just one or two. There are several sites out there, and you never know what information you might find!
Talk to your suppliers, and find out which of your competitors they supply. If you are happy with the quality of your supplies, then you will have more of an idea of the quality of your competitors’ materials. This will go a long way in garnering information about your competition. Once you know more about the quality of their materials, you will have a better idea of what you are up against. Companies such as Universal Manufacturing Corp. have many competitors because of the products they produce. This could make it difficult to succeed, depending on their competition. Knowing more about the materials they use can help Universal Manufacturing Corp. stay ahead of the game and ahead of the competition!
We all know that a popular search engine is our first choice of search engine. Yes, it is amazing for all things, but don’t rely just on that search engine for finding information about your competition. Go beyond, to private queries, and investigative agencies. Don’t use a public search engine as your only means of finding out information. There are many websites that can help with this, such as bizfluent.
One research method that won’t fail you is your customers. Ask them why they stay with you. Find out what they like about your company, and build on that. You can do the same with customers of your competitors. Find out what makes them loyal to your competition. Use that information to stay on top of customer service. After all, your customers are the sole reason you are in business still. Without them, you don’t have a business.
Lastly, talk to your employees, and the employees of your competition. Obviously, you don’t want to get anyone in trouble, but it’s important to know how they treat their employees. What makes their employees loyal to them, much like customer loyalty. You could go as far as talking to former employees to find out what made them leave. Use the information wisely, and it could be very beneficial.
"Time spent with cats is never wasted." ~ Sigmund Freud