• by Todd Wilson , January 13, 2014

Every marketer loves checking out the competition – and with the trackability of digital marketing and tools available to us today, it’s never been easier. As with a lot of data, though, there may be devils lurking in the details. Benchmarks are one prime example; I often warn clients to be wary of third-party benchmarking, because definitions, database sizes, and multiple other factors can make the results simply too broad to be truly valuable. 

Another challenge is casting too small of a net when researching competitors. I’m often asked to do research for clients to gauge what their competition is doing and what tactics we can take (or, to use my favorite term, “liberate”) and make our own. Of course, it’s essential to understand the competitive landscape. Hilton would be making a huge mistake, for example, if they didn’t closely follow the strategies of Starwood, Marriott, and others. What becomes dangerous is when you’re only looking at your industry and not learning from what others are doing. 

Studying and “liberating” ideas solely from your own competitive set can create a vicious cycle of sameness. For example, last year I worked with a client on an email campaign that turned out to be very successful; three weeks after we launched, their biggest competitor launched almost the exact same campaign. Companies who work in hyper-competitive industries (like travel) often fall prey to this – they did it, so we have to do it too! – but the end result is the further commoditization of the category. No one stands out. Nothing changes from brand to brand. And customers simply go with the cheapest option. 

There are so many great examples of strong customer experiences out there to draw from. Your customers have a ton of interests; chances are that they follow, subscribe to, and purchase from dozens of other brands outside travel – clothes, financial services, nonprofit groups, and so on. These brands are aggressively competing with your brand for inbox space and share of wallet, just like your competitors. Wouldn’t it be wise to know and learn from them as well? 

It sounds daunting – how do I keep track of every industry, not just mine? – but with a few simple tips, you can make true competitive research manageable and extraordinarily helpful. Some great ways to start: 

• Examine one industry each quarter. Opt into their email, follow/like them, download their app, visit (and even buy from) their site. Review your findings each quarter, identify what works from a customer perspective and what doesn’t, and examine how the best examples could potentially be adapted for your audience. 

• Don’t forget the upstarts.I’ve written before about brands like Uber and Airbnb who started very small and gained significant market share through innovation and strong customer experiences. Studying the younger, more nimble companies to see how they’re communicating and building their brands can create tremendous ideas. 

• Study, learn … and chart your own path. Creating a Frankenstein’s monster of a digital program based on the work of others won’t serve your customers in the end. The exercise of learning from and understanding competitors is most effective when it’s used to spark ideas and conversation and strategy – not when it’s used to build copycat campaigns. Be true to your mission and your customers.

Creating structure and meaning around competitive research is essential, but expanding your competitive set to truly recognize all the brands that compete for your customer’s attention is equally important. With the right structure, the right approach, and an open mind, you can build a competitive research strategy that generates strong new ideas and help you better understand your customers’ perspectives. Make sure when you’re casting your net that you’ve got it wide enough to gather ideas and learnings outside of just the usual suspects.