DIY Competition Research for Business
I recently had a friend ask me how to do competition research best online. I’ve also done several workshops on this prior.
Competition research or comp research is very easy to do; it’s just time-consuming and if you want to do it right (suggested!), do the time; it will be well worth it.
Step one and you can do this is a spreadsheet, or you can do it in MSWord or Google Docs. I like using a combination of both, a spreadsheet in Google Sheets for the base information and then linking it to a Google Doc with more information. I also like to take screenshots, LOTs of screenshots. Screenshots of their website, screenshots of their social media posts, as well as screenshots of reviews, both good and bad.
Some specific things I look for are an email newsletter (if so, sign up!) Do they post consistently on social media, and are they getting engagement from what they are doing (or not) if certain posts or post types are getting high engagement, screenshot them!
While on a PC you can take a full screenshot using “PrtScn” on your keyboard, I prefer the snipping tool that comes standard. It is in the Start Menu under Windows Accessories. It lets you be selective about what you snip and allows you to mark the image up.
For Mac users, instructions here on screenshots https://support.apple.com/en-us/HT201361
A few of the other things I look for are their reviews. Do they respond to reviews, just the bad or the good and the bad, or not at all? How are the review responses? Are they well crafted and polite and try to address the problem, or are they defensive and combative?
You can learn a lot from reading competitors’ reviews, both from their excellent reviews (these are key things your business will have to concentrate on competing with) and the bad (these are things your business can excel at and blow away the competitors). Check all the review sites, Google My Business, Facebook, Yelp, BBB, etc.
Have they optimized their directory listings and their social media accounts? Do their links work? Do their links to social media channels from their website work? I’m always surprised by how many businesses don’t pay attention to this; they change their social media handle but forget to update the links on their websites.
In reviewing competitors, social media listings look at who they follow (its public to view) and who follows them. Keep an eye out for an overabundance of fake follower accounts. They are easy to spot once you start to eyeball them. You can also quickly tell if someone has a high follower/like count but zero engagement on posts. Please don’t buy followers. Yes, it is cheap to do, but it does nothing for you except inflating your following and dinging your credibility. And there is no value as a business owner for doing so.
While there are a lot of paid sites out there where you can do backlink research, my personal favorite https://www.semrush.com/ (not an affiliate link), I like the program; they generally have a free trial period that I encourage businesses with limited budgets to take advantage of. For anyone who needs to do high-level ongoing research, the pricing at $120 a month can be worth it.
You can do all of this research using a tool, but I also like doing it organically because when you search for the business in Google and Bing (and do both because you will get differing returns), you also see the snippets from the sites that are linking to your competition. It can help if you see a competitor is linked from a site that’s relevant and it’s a junk link connection, rather than one of the research tools which gives you the link.
The easiest way to do this is to go to Google and Bing and put in variations. Put the information in quotes for the best return: “Business Name” ie. “Jane Doe Inn.” If it has an LLC or other variations, Google those too. “Phone number,” ie “860-555-1212” and then their domain name. Don’t add the http/https or the www (if they include it), just the domain and the extension ending, i.e., “janedoeinn.com.”
This is a base of what I use, and then I add additional things like pricing, like services, what they offer etc.
Business Name:
Name:
Physical and Mailing Address(es):
Phone Number(s):
Email Address(s):
Domain Name: ( ie. https://www.janedoeinn.com)
Notes:
ADA Score: (I use Lighthouse for this. https://developers.google.com/web/tools/lighthouse)
Notes:
SEO Score: (I use Lighthouse for this as well)
Notes:
Mobile Friendly: (Is their website? Some sites look great on a computer, not so much on a cell phone or tablet)
GMB: (this is Google My Business, add the full URL))
Reviews: (how many reviews, review rating, do they respond? Don’t forget those screenshots)
Notes:
GA Analytics: Yes/No
(this is Google Analytics, you can see if they are using it and the next note as well about Plugins by putting their domain name/url into https://builtwith.com/ . This is also useful because it will tell you what the site was built with.
Plugins if WP: (WP is WordPress, you may see some things you like on a WordPress site, like a photo slider or gallery and you can find out what plugin was used)
Blog: (add the full URL)
Followers (IA): (IA is If Available, some blogs have that public)
Notes:
Average blog post word count:
Newsletter: (what are they using? Constant Contact? Mailchimp? Other?)
Notes:
Privacy Policy: (I add yes or no but if yes add the link, same with the ADA policy)
ADA Policy: (This refers to ADA Website Compliance, add the full URL)
Covid Statement: (If yes add the full URL)
Facebook: (add the full URL, ie https://www.facebook.com/janedoeinn)
Likes:
Followers:
Notes:
What Kind of Content are they posting?
Facebook Ads: (You can see if a page is running or has run Facebook ads, not boosts, just ads, by scrolling down on the left hand side of a business page to “Page Transparency”. When you click on that, you can go to “Ad Library”.
Reviews: (number and comments)
Notes:
If you really want to dive deep, track down the owner’s and manager’s personal profiles, I realize this seems rather stalkerish. From a business research standpoint, most people don’t have their profiles totally locked down. You can gain some very valuable business information about what groups they belong to, as well as whether they are sharing their business posts onto their personal profiles.
Instagram: (add the full URL)
Followers:
Following:
Notes:
What Kind of Content are they posting?
Twitter: (add the full URL)
Followers:
Following:
Notes:
What Kind of Content are they posting?
Youtube: (add the full URL)
Followers:
Notes:
What Kind of Content are they posting?
Pinterest: (add the full URL)
Followers:
Following:
Notes:
Linkedin Page: (add the full URL)
Followers:
Follower
Notes:
What Kind of Content are they posting?
If the primary owners or managers have personal Linkedin accounts, I also like to take a look at them. If you don’t want accounts to know you have viewed their profile, you can go into your own personal Linkedin settings and change how you appear. Go to “Me” then “settings and privacy”. Then “Visibility” on the left side and “Visibility of your profile & network”. Next in the middle, go to “Profile viewing options”. If you select “private mode”, I recommend that you log out of Linkedin and then log back in and check. I’ve heard reports that sometimes it doesn’t take, and it is better to log back in and check to make sure before assuming.
Other Ads/Google PPC: (if you use a tool like Semrush and many others, they will tell you if comps are running ads)
Notes:
Yelp: (add the full URL)
Reviews: (number and comments)
BBB: (add the full URL)
Reviews: (number and comments)
Bing: (add the full URL)
Indeed: (add the full URL)
Employee Reviews: (number and comments)
Glassdoor: (add the full URL)
Employee Reviews: (number and comments)
Checking Employer review sites give you an excellent insight into the competition.
Sites of Interest/Linked from:
Review your comp lists every three months or optimally every month or the very most every six months. Competitors change pricing, change offerings, change services, bring on new key staff or have them leave.
If you are not looking at your competition, you can guarantee some of them are looking at you. And if you are not keeping an eye on their pricing changes or new offerings, you can lose business because you are not staying on top of it. The time spent on reviewing gathered information is well worth it.