Internet market research will greatly help you in revealing your competitor’s tricks to success and reasons for failures. Read their news and updates, check out their partners, their reputation on the web, PR, Alexa rank, reviews, activities on social websites and forums. However, emarketing research is definitely not enough. Financial and statistics data are also required.
Another important thing is to know your competitor’s history; where the story began and how it goes on. By discovering more about their product releases and annual profit, you can figure out what was the reason for a sudden growth or failure.
Know your competitor’s products, their description, advantages and disadvantages. Purchase your competitor’s products to have a better idea what it is and how to create a more valuable one. Nothing personal, just business.
Lastly, if you think your competitor doesn’t keep track of you, you’re wrong. Just like you follow their updates and discover company secrets, they also do the same. One of the main points is to make sure you have the right people on board and you can keep them in company as long as possible. Also make sure none of your company members puts secret information anywhere on the web.
Successful companies need the right people on board and the very deep analysis in market research!