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COMPETITIVE ANALYSIS THROUGH
CUSTOMER PROFILING
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Many small business entrepreneurs are stumped when it comes to
competitive analysis. Of course, the competition keeps their
company secrets as close to their heart as possible, but there are
ways for you to determine competitive pressures through the
effective use of customer profiling tools. You need to be able to get
in the head of your competitor’s customer and know what they like
and dislike about their user experience. This is where customer
profiling can be very useful. Find out as much as you can about
your value chain by researching customer demographics. Who
buys? What kind of company or individual are they? Why do they
buy? Is it the only solution out there? Does the competitor have a
stronger brand recognition? What do their customers care about?
The more that you can get inside the head of your potential
customer, the more fuel you will have to create solution sales with a
strong Go to Market Strategy. Customer profiling includes
identifying the industry you will be addressing and what their group
behavior may include, what is the dynamic of the geographical area
in which they are located and unique or seasonal buying patterns in
that area (such as how the weather might affect sales cycles and
other factors). You can create your own customer profiling tool just
by gathering data and categorizing them in this manner. Online
software surveys are a great way to gather information. Monitoring
blogs related to that niche is another great research tool that costs
virtually nothing. As an entrepreneur, you should be able to think
outside the box on competitive analysis and use customer profiling
data to your advantage.
Sophie Lapaire, President
Bridgemakers Consulting
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