Darren Dahl

10 Tips on How to Research Your Competition

 
6. Check in with your suppliers. If you work in an industry where you share the same suppliers as your competitors, it could pay to ask them some simple questions. "Talk to your suppliers and spend time getting to know them," says Zach Berning, co-owner of Overland Gourmet. "While they may not tell you what your competition ordered or their volume, ask better questions." For example, if you ask them how many units of a certain product have been pre-ordered for the next month, you might find out not only what your competition might have ordered, but what other products your supplier might be bringing in as a result.

7. Hire your competition… Another strategy is to hire employees from competing firms—especially sales people—and team up with competitors' partners, suggests Sheetz-Runkle. "No one knows more about the inside of those organizations than the employees," she says. "Find out all that you can about how these companies operate, and more importantly, what's on the horizon for them? Where are they taking their business? What markets are they venturing into? How are they leveraging innovation to cut costs and advance productivity? Where is the highest level of dissatisfaction with their products or services? No one has more and better intelligence when it comes to sales than disgruntled sales people."

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8. …And watch who they're hiring. You can also learn something by studying the kinds of jobs your competitors are looking to fill, says David B. Wright, the chief marketing officer at W3 Group in Atlanta. "For example, if a company is hiring a programmer, they will include information about exactly what technologies the candidates need to know, which tells you what they use," he says. "Also look at what positions they are hiring—if they're looking for a patent attorney, they could be working on some big new inventions. If they're hiring for several HR, they may be preparing to expand overall."

9. Conduct a survey. If you're interested in getting a comprehensive report of all the players in your industry, you might consider conducting a survey. "A year or so ago, I hired someone to e-mail several of our competitors and ask them the same questions about their services," says Jeff Huckaby, CEO of RackAid, an IT management business in Jacksonville, Florida. "We looked at price, response time, how the sales request was handled, etc. By doing this, we learned how to clearly differentiate our sales process from that of our competition." While Huckaby says he learned a lot from the process and plans on doing it again, he does have one caveat: "I am a big fan of outsourcing this. You don't want to run into someone you were spying on at an industry conference."

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10. Call 'em up! Once you have done enough research to identify who your competitors are, you might want to try an old school tactic to take it from there: Just call them up and ask away. "One of the best ways to research competition is to call them and ask whatever you'd like," says Jordan Harbinger, the co-founder of The Art of Charm. "You'd be surprised how often companies will tell you everything you'd like to learn over the phone, especially if the question is phrased in a context that makes sense. For example, if you want to know how many people work there, you can say: 'I'm looking for individualized attention, and my fear is that your organization is too large, and I'll get lost in the shuffle. How many coaches do you have on staff? Oh, wow, that's quite a few. How much support staff do you need for a team that size?' This approach has served me very well."

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