You can learn a lot from the methods, tactics, and tools used by your competitors. Therefore, competitor research and analysis are essential aspects of growing an independent insurance agency. Whether you’re leading the pack or new to the game, be aware of what the competition is doing to boost its positioning in the industry.
The Benefits of Competitor Analysis and Research
Knowing what the competition is doing will help you on two fronts:
Identify weaknesses in your position and relationship with your audience
Identify new tools and techniques to raise your profile and reach consumers
Because of digital marketing and social media, monitoring your competition has become much easier. All of the information you need is readily available online.
Monitoring your competition’s digital activity is the easiest and most effective way to check out your competition. Digital competitor research is called “Social Listening” and can be incredibly beneficial to your own business and marketing strategy.
Regularly follow your competitor’s online activity on various social platforms like Facebook, Instagram, and LinkedIn. You’ll gain valuable insights by seeing how your competition activates, engages, and communicates with their target audience and community online.
Similarly, you’ll be able to see what their audience is saying, both the positive and the negative. The audience may voice frustration or give compliments about the competition. Take a look at your products and services and make sure that you aren’t making the same mistakes.
Competitor research may allow you to spot a problem and fix it before your clients complain about the same issues.
Competitor Research Strengthens Marketing and Business Tactics
Understanding the strengths and weaknesses of your competition will allow you to adapt and learn from their successes and mistakes.
Are they imploring online tactics that you are not? If so, how can you incorporate their successful tactics and methods in your business and marketing strategies?
Are they using channels or tools that you are not? Are they active on networks that you are not?
Industry Trends and Insights
To succeed in any industry, you need to be up to date on the latest trends, insights, and activities. Stay informed and keep your eye on the competition to reveal new opportunities and allow you to sidestep pitfalls.
Join AAI to Grow Your Independent Insurance Agency
At AAI, we provide the tools, training, and technology to grow your agency bigger, faster, and more efficiently. To learn more, contact us today.