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In this lesson, you will utilize Google Search to investigate businesses in your area that are similar to yours and then document your findings in Google Docs. Identifying businesses that offer products or services similar to yours, or that target a similar market, is crucial as these are your competitors. Lessening your competitors is an important step in figuring out how to differentiate your business and gain competitive advantages. Start by going to the tab with your notes document and create a heading for “Competition,” using the same type of heading you used for your “Customers” section. Then, return to your lesson tab and search for businesses in your area similar to yours, focusing initially on those that offer the same service or products. As you identify competitors, create a heading with their business name in your document and hyperlink it to their website. Note their address, which can usually be found in the search results or on the business’s website.
As you examine each competitor’s website, take note of key details about their business, such as the products and services they offer, and organize this information under appropriate subheadings in your document, using a bulleted list for clarity. Look for unique aspects of their business that might provide opportunities for your business to stand out and attract customers. Include information about their guarantees, pricing, hours, and special services like delivery or customization. Also, if your business plans to offer specific services, see what similar services other companies offer and document the details. As you lesson your competitor’s customers and their marketing strategies, pay attention to their target market, marketing message, and brand positioning. Add subheadings for these areas in your document and make educated guesses about their target market based on available information. To understand their marketing message and brand positioning, observe where they advertise and the nature of their branding. If certain details are unclear, note them and plan to develop clear, coherent messaging and branding for your own business that resonates with your target market. Continue to add information about competitor business models and brand identities, including factors like the size of the business, number of employees and locations, and how long they’ve been in business. This comprehensive lesson might require multiple sessions, but since your document is stored in Google Drive, you can easily return to it whenever needed. After completing your competitor lesson, you’ll be prepared to analyze their strengths in a table in the next step. Now, it’s your turn to add a heading for competitors in your notes, link each competitor’s heading to their website, list their address, and organize your notes with subheadings and bullet points detailing pricing, hours, customers, marketing, and other key aspects.