Staying onestep ahead of the competitor is the secret to business success. But how do you achieve it? The most practical way is to analyze your competitors and monitor their processes, marketing, and behavior to anticipate future outcomes, thus allowing you to step ahead of your competitors. The process is called competitive analysis
Although there is no rocket science involved in competitive analysis, it goes beyond basic Google Research. Here is a short overview of the steps involved in discovering and monitoring your competitors.
Discover your Competition
Finding out about your competitors will help you with:
- Capitalize on their strength and weaknesses
- Understand the industry landscape
- Stay updated with the competition
You can start with the basics by finding out about the business name, product types, and exponentially improve your knowledge of the marketplace. Once you find out about your competitors, you can categorize them on a primary basis.
Inspect Sales and Marketing Efforts
Once you’ve identified your competition, it’s time to analyze their website and online presence. Focus on the web content, CTAs, contact details and a shopping experience that they offer through the website as well as on physical location.
You can also use tools to measure online traffic. This is for gauging its marketing activities’ success and strength.
Determine Their Market Positioning
To understand the market demands and expectations, you need to pay attention to market positioning strategies. This helps you get a hold of brand image, target audience and features and benefits of the competitor’s business.
Focus on the Pricing Strategy
Prices are one of the most defining features to attract potential customers. Finding your competitors’ price point will help you find the range your target market is willing to pay for the service and products.
Check Out Customer Reviews
To find out how successful your competitor is by analyzing its customer reviews A well-satisfied clientele highlights the excellence of the product and services the business offer. While reviewing customer reviews, you can also determine your competitors’ weak points that you can capitalize on.
Analyze Social Media Presence
Social media has become a powerful tool for marketing and communications. It gives you real-time data on what a brand is doing and how its customers feel about it. By checking out the activity on social channels, you can get ideas on engaging with your potential audience.
Being competitive is healthy for business growth and success as it allows you to meet market demands and increase chances of market expansion. By analyzing your competitors, you can avail the following benefits:
Cover Up the Market Gap
Doing market analysis and competitor research allows you to focus on the shortcomings of your competitors. Getting insights can help you capitalize on the missing elements necessary for your business, but your competitors might have entirely missed or are weak at it.
Determine Current Industry Trends
The analysis also helps predict the trends that are a huge asset for your business success. It will help you set your efforts’ direction and goals and measure the risk and opportunities that a market shift can offer. Technological advancement is opening up new avenues of growth, and adapting to these changes is vital for your company’s survival.
Amplify Your Marketing Tactics
There are plenty of options to grow customer traffic —consider focusing on profitable online and offline marketing activities. Knowing what your competitors are doing will help you strategize and plan for the success of your business. You may also get an idea of convincing your audience to make the purchasing and subscribing to your services. Marketing analysis will also assist you in determining ways to improve consumer engagement and effective communication.
Circumvent Deadly Mistakes
The path to success is rampant with costly mistakes, risking the chance of surviving in the market. Analyzing your competitors will help identify their failures and allow you to avoid those mistakes to improve your success rate. It will also improve your business performance and avoid getting negative reviews or feedback from the customers.
Stay Ahead From Your Competitors
Every business has its custom value proposition that sets it apart from others. Having the same or weak business intentions will fail to attract potential customers and hamper your growth. Analyzing your competitors’ propositions will help you design your own that is unique and lucrative for your business.
Competitor analysis is a productive way to know what similar businesses in the industry are doing. It also helps you know the efficacy of each marketing technique and learn from the mistakes of others. It may sound easy but competitor analysis requires effective tools (mostly premium), detail-oriented approach and specialization in data assessment techniques to reap the benefits of insightful statistics. Companies such as Clutch Creative offer comprehensive competitive analysis services to make the most of your digital marketing plans.