This week I did an online presentation with Ryan Gromfin, “The Restaurant Boss”. Awesome guy, I love working with people who “get it”. Ryan not only gets how to control costs, but he also understands that you need to have a system to generate a steady flow of new customers for a business to be successful. And get your existing customers to come back more often, spending more money at your business and not your competition.
The online webinar was about review management for restaurants. Obviously, you know we do review management for all types of businesses. During the presentation, we had many restaurant owners ask about how to get to the #1 spot on Google and review sites and complain about their competition posting fake reviews. Which got me thinking about how to analyze what your competitors are doing that you can use to your advantage. Especially the big corporate chains.
But how do you go about doing that type of research?
You need to have a plan and criteria such as this to begin your investigation:
- How far are they from your business? The closer they are, the more of a direct competitor they are. I would start with 5 miles and then work into the red zone, (less than 2 miles).
- How similar are their products to yours?
- How does their customer experience match yours?
- What’s their atmosphere like?
- What makes them unique?
- Are they a direct competitor, somewhat similar or not a threat currently but could become one?
- And the most important question of all… What do their customers think about them?
The last variable can be attained through a competitive analysis of your closest competitors’ review sites and star rankings. Everything is online now and can be attained through a little hard work and diligence. I would start with the almighty GOOGLE search engine and type in your business category. Look at what comes up first and then drill down from there. See where you stack up against your competition and whether your new potential customers have to scroll to page 6 under your category to find you.
If they do, you need some HELP!
Little joke for you- Where is the best place to hide a dead body?… Page Two of Google! Because nobody looks there.