We must ask: When was the last time you conducted a competitor analysis for your brand as many marketers don’t make use of competitor audits? We can guide you through the competitor analysis process if it has been a while or if you are unsure how to go.
Too frequently, a competitor study is saved until the start of a business or the introduction of a new product. To make sure that your material stays current, you must understand how your rivals are positioning their goods.
A competitor analysis, at its most fundamental level, identifies your industry’s competitors and then looks more closely at what they are doing. You can compare your performance to others’ and learn what you can do better. It’s a clever tactic for spotting trends and possibilities to increase your niche’s competitiveness.
Understanding your place in the market is the first and most obvious advantage of a competitor study. Whether or not you are keeping up, you may see where your peers are thriving.
Marketers and experts in competitive research concur that keeping up with your rivals increases your chances of success. According to a study, 90% of marketers say their businesses have benefited from conducting competition research as part of their strategy.
The advantages of competition analysis may also be financial. In fact, a weekly examination of competition research has a favourable influence on revenue for 68% of marketers.
Here, consistency is crucial. When businesses abandon the sporadic drop-ins and include the procedure into their scheduled marketing operations, competitor analysis has shown to be the most beneficial.
Opportunities, such as gaps in your competitors’ product offerings, may be revealed through a thorough examination of your competition. Finding missing functionality gives you a chance to satisfy customer needs that your competitors are omitting.
You can identify what your competitors are doing particularly well by conducting a competition study. Then, to attract more customers, you might adopt their productive tactics.
So, where do you begin? The processes listed below will help you assess your competition, gain insight from your customers, and then curate your information.
Performing Porter’s Five Forces analysis is the first step. It’s a method of assessing the intensity of rivalry in your sector. This framework encourages you to consider how to become more competitive in your market or whether you have a greater or lesser chance of succeeding in a new market.
You’ll assess how supplier power, buyer power, the threat of substitute products, and the threat of new competitors will affect your capacity to be competitive in the market segment you intend to occupy.
The second step is to conduct a SWOT analysis (strengths, weaknesses, opportunities, and threats) on your rival. This is crucial competitor-specific research, and it’s where you’ll start spotting trends in their content strategy and examining their SEO performance.
Be proactive in looking for these so you can begin developing solutions to become more competitive.
Focus groups and surveys can be carried out in a variety of methods, but at their core, they involve gathering information directly from the source. Your customers are aware of their requirements, desires, and obstacles. It is essential to speak with them.
There is a purpose for the distinction between the job titles of scientist and science communicator. All the research in the world won’t matter until the information is understood and applied by those who are really working in the field.
Presenting a focused and succinct slide presentation with infographics is the way to go since PowerPoint is still widely utilised in big companies.
Need help with competitor analysis and get success online? Contact Strive System Webtech today and we will be happy to assist.