When researching your competitors, try to deconstruct what they offer, what do they charge, how do they market and interact with their clients.
Below are four important aspects to analyze about your competition:
1. Reaching Customers
What kind of channels is your competition using to reach new customers. Are they selling on some large platform (Amazon, eBay, etc) that gets organic traffic, or are they actively using social media (Youtube, Instagram, etc) to put out new valuable content and using upsells? If they have a website, note down what you like about it and what could be done better.
How is your competition marketing their products? For example, are they actively putting out new content (social media, blog, youtube, etc) that gets them attention, or are they doing paid advertising? Take a look at the type of ads and content they are putting out and how it is performing (getting likes, views, shares
3. Value Proposition
What are they offering their customers? How are they solving the same problem you are solving (also think about how you could do it better). What pain points do their customers have (a great resource for this is to go through your competitor’s reviews and see if something sticks out).
How much is your competition asking for their product/service? Think about how you could provide even more value for the same price? Could you even ask a premium price if your product/service offered a better solution to the problem?