There are competitors in every business; another virtual paralegal figuring out ways to take your clients and cut into your bottom line. Growing your business without understanding your competitors is risky.
Market research can prepare you for changing markets and prevent your business from being left behind by the competition. Market research involves collecting and analyzing information about your industry, including your customers and competitors.
There are different types of competitors, for example, your main competitors are the virtual paralegals you know by name.
Your secondary competitors are the virtual paralegals you don’t feel threaten by because they appear less successful than you or they do not offer services in your practice areas.
It does not matter how you view your competitors; you must keep in mind that they are doing all they can to attract your clients to their business.
If you do not know much about your competitor’s business operations, make sure to do so soon! It is to your advantage to know as much as you reasonably can about the details of their businesses.
It is important to research your competitors and know where they are in the market and what they offer to your target clients. Researching other virtual paralegals will help you to position yourself well in the industry.
Study their ads, brochures, FAQs and social media. Figure out what are they doing well and what are they doing poorly that you can capitalize on.
Go beyond the basic Google search and set up Google alerts to track your competitors.
Use Social Mention. This tool allows you to track and determine what the online public are buzzing about. It informs you of people’s feedback not only about your services and your company, but also other services, or any other topic across the social media webosphere.
Change Detectionnotifies you of your competition’s web activities and prompts you of any new developments.
Alexa offers free web analytics to help you in searching for businesses online and evaluating their presence on the web. In addition to that, it can optimize your website or page with audits covering Search Engine Optimization, security, performance, tags and so much more.
Social Crawlytics is one of the leaders in social sharing analysis tool. It is a simple free tool that can show you how popular or unpopular your page contents are. Crawlytics offer a great way for you to learn more about your competitors’ content marketing.
Attend legal conferences and interact with other virtual paralegals online and off-line. Speak to them about their business. Follow them and interact with them on social media. Subscribe to their newsletters and blogs.