Tips on how to Research your Competitors

1. Tips on how to Research your Competition SalesBabu CRM For Enterprise Business & Startups M: +91 9611 171 345 Email: sales@salesbabu.com

2. What is business competition? Business competition is the process where companies or individuals compete with other companies or individuals of the same industry. M: +91 9611 171 345 Email: sales@salesbabu.com

3. How you identify competitors? • Quality of the product or service • Price of the product or service • Brand awareness of the product or service • Use of technologies • Customer Experience • Closing of sales M: +91 9611 171 345 Email: sales@salesbabu.com

4. How to handle competition in the market? • Know your customers' needs, preferences and requirements • Be clear about what you provide • Understand the competition in the evolving market • Spotlight why you are different from the rest • Keep coming up with new innovations • Target new markets • Retain your loyal customers • Work as a team M: +91 9611 171 345 Email: sales@salesbabu.com

5. What is competitor analysis? A competitive analysis is a process of identifying and evaluating competitor’s strategies to determine the strengths and weaknesses. The competitor analysis gives valuable insights about how your company is performing against industry competitors. The analysis also helps you to identify the opportunities and trends that helps you to improve your business revenue. Thus, based on your competitor’s analysis you can build strategies to stay ahead of your competitors. M: +91 9611 171 345 Email: sales@salesbabu.com

6. Benefits of analyzing competition in the market • Improvement in product and service • Enhancement in customer experience and service • Learn how to acquire competitive customers • Learn from mistakes and stay ahead M: +91 9611 171 345 Email: sales@salesbabu.com

7. Tips on how to Research your competition • Make use of online tools The present market demands the use of automated tools in businesses irrespective of the size of the industry. There are multiple online tools that can help you to analyze your competitor’s presence in the market. These online tools helps you to collect information about your competitors and also help you to plan your business activities accordingly. Some of the online tools widely used are - Google alerts, Google keyword planner, social media trends tools, tools for web ranking and tools for content ranking. M: +91 9611 171 345 Email: sales@salesbabu.com

8. 2. Monitor your competitor’s social media Social networks are one of the fastest growing industries all over the world. There are various social media platforms available on the internet which helps you to carry out your social media presence. Facebook, Twitter, Instagram, Pinterest and Whatsapp are the most commonly used social media platforms to promote their products and services. With the help of the social media sites, your company can analyze every promotional step your competitors are taking up, what strategies they are using to create the online buzz, what customers are expecting from your competitors and their marketing efforts to survive in the market etc are certain factors that your company needs to focus on during the research. M: +91 9611 171 345 Email: sales@salesbabu.com

9. 3. Take customer feedback Customer feedback is the personal experience shared by the customers/ clients about their satisfaction or dissatisfaction with the product or service they have received. The feedback can be positive or negative depending upon the customer’s experience. Customer feedback can be collected from various mediums. You can collect customer feedback through - live chat support, sending follow-up email, social media sites, face-to-face interview, phone calls, suggestion boards, popup customer survey on your website etc. M: +91 9611 171 345 Email: sales@salesbabu.com

10. 4. CRM analytics With automated day-to-day tasks, CRM Analytics comes with an in-built analytics and forecasting feature. These analytics presents data in the form of graphical graphs, metric analytics and MIS reports. The benefits of analytics and forecasting features are - • Identify bottlenecks • Understand the functioning of the supply chain activities • Make future predictions and plan for future production • Anticipate customer demand M: +91 9611 171 345 Email: sales@salesbabu.com

11. 5. Competitor tracking software The competitor tracking software offers capturing of essential data from the lead management software till the sales closures pertaining to your customers. During the entire sales process there is a tracking competitor column which allows you to capture all the important details of your competitors. At present, competitor tracking is been given a prime importance in organizations so that they can keep an eye on their competitor and proceed accordingly. It also helps you to make positive pipeline of business, provides sales forecast, degree of interest of the customers and helps to make further strategies for closures of leads accordingly. M: +91 9611 171 345 Email: sales@salesbabu.com

12. 6. Attend industry conferences Industry conferences provide vast ideas and strategies that might work for your business. They are indeed an excellent opportunity for you to interact with new vendors and suppliers. M: +91 9611 171 345 Email: sales@salesbabu.com

13. Many Businesses trust Salesbabu, including M: +91 9611 171 345 Email: sales@salesbabu.com

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