One strategy that businesses too often overlook is the value of studying one’s competition and using that knowledge to outsmart them. John Pepper, Proctor & Gamble’s Chairman summed it up by saying, “I can’t imagine a time in history when the competencies, the skills, and the knowledge of the men and women in the competitive intelligence..are more needed and more relevant to a company being able to design a winning strategy and act on it.”
Is your business located right in the middle of a highly competitive field? Do you find yourself constantly getting out-maneuvered by competitors? Is your company struggling to keep up with competing companies? If any of these situations apply to your business, you may want to consider the benefits of opposition research, otherwise known as “oppo”.
If you have neglected to pay any attention to business competitors in the past, think about a few of these statistics: An estimated 90% of Fortune 500 companies use competitive intelligence to incorporate into their business strategies; 56% of CEOs plan to enter into new markets within the next 3 years; and 77% of businesses use competitive intelligence to learn about their competitor’s marketing, target audience, products, and customers.
Business owners often find that keeping up with the everyday tasks and upkeep of a business takes up all of their time, yet they want to find some way to keep up with the business and the business’ competitors. Information on other businesses and competitors is power in any industry. With knowledge about competing businesses, business owners can strategize their next moves and way to outsmart the competition. For any business, due diligence such as opposition research on competitors is a necessity.
Gaining insight into the competition can lead to the discovery of a company’s strategies, strengths, and weaknesses. Strengths and weaknesses are found in the company’s target audience, content, keywords, outlets used to market, job descriptions, forums, articles, and social media accounts.
Social media monitoring is one way to conduct opposition research. Social media accounts such as Facebook, Instagram, Twitter, and LinkedIn provide powerful insight into a business, and what it is promoting, how it runs, can predict what the business’ next move is, and can give a competitor a look at their following and popularity. Businesses who are thriving in the social media world, and have a lot of interaction with followers often thrive in profitability and popularity. With social media monitoring, businesses can gain insight into a competitors target audience and get an idea of who should be targeted in their own business.
Small businesses who are focused locally can really benefit from analyzing the other local competitors. With nearly 30 million small businesses in the United States, getting a “lay of the land” is essential for the growth of a local business. Competition is among even the smallest of businesses including freelance artists, vendors, and pop-up shops. Having the best marketing strategies, content, advertising, and sales strategies are critical to a small business’ survival. The way to ensure that a business can overcome these obstacles is to figure out who is leading in the field, and why.
If your business is struggling to keep up with competitors in the field or simply looking for tips on staying ahead, some strategies include:
- Learn your brand and develop your brand to the fullest by generating creative content, staying with the trends, developing themes, and implement new ways to market the brand;
- Think of employees as brand ambassadors by promoting the business through them;
- Find a niche in the community where your business can market by getting involved and helping people while also gaining their confidence and trust in the business;
- Celebrate your clients and customers by offering deals, using social media to interact with them, and hosting local social events;
- Lastly, study your competitors and know how they work so you can outsmart them.
Opposition research is not only beneficial for businesses, but also for political people and organizations. Investigating opponents is critical to developing informed and intelligent political strategies. Opposition research could include looking into opponents’ financials, addresses, employment and educational history, voting records, statements to the press, and scandals. Investigating into a political opponent’s public history could expose the truth about discrepancies and political motivations.
If you are a small or large business or a political person or organization, keep up with your competitors by opposition research. Opposition research services can be personalized to fit individual needs and can be designed to get the most benefit for a specific business. Call Advanced Investigations today to speak with someone about opposition research.