Key Takeaways
- In the past, competitive research was a time-consuming and manual task. Today, the internet has made it much easier and more efficient to gather comprehensive data about competitors.
- It's crucial to determine who your competitors are and on what parameters you're competing against them.
- The market offers many tools, both free and paid, that help in continuously tracking competitor activities. These tools range from those that assist in digital marketing and SEO to those that provide insights into pay-per-click campaigns and social media metrics.
The following excerpt is from franchise expert Mark Siebert's book The Multiplier Model. Buy it now.
One of the greatest things about the internet — and one of its most underused aspects—is its value in conducting competitive research.
I remember the method we used to compare pricing across multiple retailers in a particular city when I was a young consultant. You would typically go into competing stores with a list of maybe 20 common branded items and buy them all, checking the prices at each store.
When no one was looking, you would try to take photos that would show the store's signage and illustrate merchandising strengths, weaknesses and techniques. Sometimes you would count traffic or survey customers.
The process could take weeks. Today, you can access all that information from your living room on your cell phone.
Related: Is Franchising Right For You? Ask Yourself These 9 Questions to Find Out.
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