Many new dropshippers are super worried about their competition. They believe they will never make a single dollar if there are so many other businesses selling similar or even the same products. To be honest, there’s always space for you! No brand really “owns” a market. Sure, there will be always brands who will make more money than you but who cares? Stop worrying about something you don’t even know will actually happen. Just start your business and trust me when I say that – if you work – you will win.
The first competitor I found was already very helpful so I wanted to find more and check out what they do. Maybe I would find something cool I can steal for my business.
My intention to do this was to find out…
- What kind of products they sell
- How their website looks like
- Are they collecting email addresses?
- What they do in terms of cross/upsells
- How their social media pages look like
- How their abandoned emails look like
- How their re-targeting strategy looks like
- (If running on Shopify) Which Theme they use
To help me keep track of my investigation progress, I created a simple Google spreadsheet.
I was ready to get started.
Google is always the first website I open when I start any kind of research.
I simply looked up the term “phone cases” and got quite a bunch of good competitors. Usually, doing that kind of research, I only take a look at the top three results. For me, it’s enough research at this early stage.Note: Most of the time Amazon and eBay will appear as well. I don’t consider them as a competitor.
I deeply looked at the top three Google results and collected all the data I needed to fill my spreadsheet. At the end of it, I had quite some idea what my competitors are actually selling/doing.
A solid result. I felt very good about it and also got more product ideas. That kind of research was definitely worth the time. Actually, the time I spent was super little. Usually, getting that kind (and amount) of data by trying to figure out everything on your own costs way more time and a lot of money. You would need to spend hundreds/thousands of dollars on paid advertising to find out what kind of products sells the best and what type of cross/up-sell funnel actually works. By taking a look at what your competitors do, it’s like taking advantage of their budget and time. WANT TO ACCESS MY COMPETITOR RESEARCH SPREADSHEET (Incl. all data)? CLICK HERE TO GET IT FOR FREE!Note: If I had money to spend on this project, I would have placed orders on my competitors stores to see what type of marketing they do after purchasing a product. Very often the post-sale marketing has the biggest potential. I highly recommend to spend some money on your competitors’ products and check out what they do. If they don’t care anymore once an order is placed, it’s your big opportunity to change this in your business. People will appreciate that!
Knowing some stuff about my competitors I was keen to find out which of those things actually work for me. But before I could build my store and start making money, I had to do some other things to make sure I was well prepared.