How to use competitive research reports to reach homeschool and ESA families

You've probably heard the phrase "stay in your lane" when it comes to running your business.

There's some truth to this saying, because it is very difficult to build a successful project if you're always worrying about what your competitors are doing. If you follow every social media post or new product launch of market competitors, you have less energy to build; it can even become discouraging.

But competitive intelligence and market research reports do have their place, especially for companies new to marketing to homeschool families and those using ESA funds.

Key questions competitive research can answer

It's easy to go to a company's website and look for product offerings and pricing. (It just takes a little time.) Research can go beyond this to give you added insights like:

• Where does your ideal customer shop now?

• What gaps does your competition have that you can possibly exploit?

• Is your ideal customer being served (at all)?

• What does your competitor do better that you can easily emulate or build upon?

• Are you in danger of losing market share to one or more companies?

These answers form the basis for how you'll approach the market in a way that meets families where they are.

The Reality of Market Competition

What if you don't like what you learn?

These answers can also be hard to accept, especially if it means you're at risk of falling behind. We've seen this time again with new companies on the state ESA vendor list that start with a first-to-market advantage and quickly lose it after similar offerings crowd the marketplace.

That's where some additional research can really propel your marketing efforts.

What good competitive research reports provide

Let's assume you're an online phonics program. You may already be familiar with the major players in your industry, including those offered in public schools and private schools. You be aware of the threats to your market share.

Our competitive research reports can compile a list of these obvious players, but also include some up-and-coming brands you may not have considered, like startups that have just received VC funding. We'll also look at companies that offer different services (like flashcards or board games) to fill the same role in the home classroom.

After we scout out the competition, we provide a deep dive into what each competitor offers, including:

• Pros: What makes them unique? Premium? Suitable for the average family?

• Cons: How do they fall short? What limitations do their programs have? Are they too expensive?

  
  

Customer sentiment analysis

We'll also look at parent and product reviews to discover how people really feel about the competitor.

Is their quality lacking? Do they have customer service issues?

We find the patterns to highlight where you can possibly outshine them.

Audience insights

We also provide insightful data on the people who visit your competitor's websites or search for their brand. We can find things like:

• What people search for

• Their favorite social channels

• Who they follow online

• The podcasts and forums they frequent

• And additional, relevant demographic information

This extra detail rounds out the info we have on your ideal customer, without you having to visit sites like Reddit or Apple Podcasts yourself.

Social platforms most used by homeschool moms

Actionable intelligence

We consolidate all this information into a "need to know" summary about that competitor and can even provide talking points to explain why your offering is better for the families you serve. Use these points in your marketing materials, web copy, or anywhere you wish.

With a report on each of 4-10 competitors with action items for how to differentiate yourself in the market, most companies should be able to put a plan into action right away, such as:

• Update your FAQs, tutorials, or product support pages

• Adjust social media messages

• Create new assets and materials before your next homeschool conference

The opportunities are truly endless once you understand your market position. And if you discover you're head and shoulders above the rest, you can have confidence to continue serving the homeschool and ESA communities in your own way.

The educational market is changing. Don't fall behind.

Competitive intelligence isn't just for Fortune 500 companies. It's equally valuable for small businesses looking to carve out their niche in the educational, financial, or tourism spaces. Even the most innovative educational products can struggle to gain traction without understanding how to differentiate themselves.

The insights gained from thorough competitive research often reveal unexpected opportunities and help you avoid costly mistakes that could set your business back months or even years.

At Knerl Family Media, we specialize in creating comprehensive competitive research reports tailored specifically for companies serving homeschool families and ESA recipients. As 20+ year homeschoolers with just as much marketing experience, we understand the decisions families face and the data they use to make them.

Ready to dive into what your competitors are doing? Reach out to schedule your report.