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Your sales team can help here – they should be aware of the companies that you’ve won and lost business from and to. AND you can use your competition as a source of ideas. This article was co-authored by Michael R. Lewis. Your competitors are walking the same road you want to walk on to succeed in business. You can determine your strategic groups as all stores offering the same prices and marketing strategies to sell their tea. wikiHow, Inc. is the copyright holder of this image under U.S. and international copyright laws. There are several methods you can use to find them, including through social media and forums, looking through the pages of Google, and market research. SWOT Analysis: Identifying Your Competitors. In other words, by looking at your competitors, you can save a LOT of time, money, and heartache. "It simply helped me revise my lessons on strategic marketing, obliging me to take a look at Porter's Five Forces. An example of a potential competitor would be a residential painting company in another city. Some companies hire market researchers and do surveys to discover their list of their client’s competitors and where they fit into the ecosystem. When working with a new client, they will supply a few pieces of information about their business including the keywords they would like to target and who their main competitors are. Thanks for reading How to Find Your Competitors’ Keywords. You really don’t want to work harder than you have to, right? Analyze industry reports. When most new business owners think about their competition, direct competitors are what come to mind. When identifying competitors who are in direct competition to your business, you’ll want to start with your product. After all, if you can’t identify your competitors and their marketing tactics, you’ll struggle to differentiate yourself and your product from the crowd. An example of a potential competitor would be a residential painting company in another city. Go to their websites and study how they do business. You likely already have a list of keywords you’re targeting for SEO, but if you don’t then think about the sort of things your clients would search for that would bring up your business. This image may not be used by other entities without the express written consent of wikiHow, Inc.
\u00a9 2020 wikiHow, Inc. All rights reserved. When you dig into this process, you might find possible competitors coming out of the woodwork. are like potential competitors, but they’re much more ready and likely to enter your market. Your support helps wikiHow to create more in-depth illustrated articles and videos and to share our trusted brand of instructional content with millions of people all over the world. You are not in competition with Italian restaurants that specialize in pasta dishes, but other pizza restaurants instead. That will let you know if your strategies are working. Most of your customers will search for you through a simple search like ‘