Competitive analysis is the process of evaluating the companies, products and marketing strategies of your competitors. It aims to identify the main competitors of your brands and find the best way to surpass them. The purpose of the Competitive Analysis is to help determine why your target group voted for you, which brand type and what unique value proposition prompted them to buy from you.
Competitive analysis not only helps you learn from each other, but also identifies areas where your brand stands out. Keyhole is one of the best online analytics tools for competitors to see what people are saying about their competitors on social media. These tools help you understand how people interact with your competitors so that you can develop better strategies for how they interact with your business.
Competitive analysis can help you improve your products and services to better serve your target group and increase your profits. Perform routine competitor analyses to understand the strengths and weaknesses of your competitors and identify gaps in the market. Choose the right competitors to analyse what aspects of your competitor business are worth analyzing, understand how to look at the data to understand it, and how to use the insights to improve your own business. You also need to choose the right B2B marketing agency for the best results.
Competitive analysis is the process of identifying companies in your market that offer products and services similar to yours and evaluating them against a set of predefined business criteria. It is important to analyse your competition at different stages of your business to ensure that you offer the best possible product or service to your customers at the right price. For this reason, it is also important to carry out routine competitor analyses throughout the entire life cycle of your business to keep abreast of market trends and product offerings.
Competitive analysis is the process of identifying your competitors, assessing their strategies and identifying their strengths and weaknesses in relation to your own company, products or services. The goal of the competition analysis is to collect the necessary information to find an offensive line and develop your strategy for market entry. Competitive analysis is a method to explore your competition and analyze its performance and position on the market.
Competitive analysis will provide you with a lot of quantitative and qualitative data to support your own business decisions and i am not talking about the cloning of your competitive strategy to develop the second best product, even if it works. If you are serious about competitive analysis it is not enough to evaluate only the two industry leaders that are talked about everywhere. This kind of analysis will soon make you depressed.
The competitors you select in a competitive analysis will determine the insights you ultimately gain, and the decisions you make will be based in part on those insights. In other words, the competitors you select ultimately determine how you perceive your company.
The first step in any competition analysis is to identify your main direct competitors. The ideal competitive analysis should include three to five companies that pose the greatest threat to your business.
A direct competitor is a company that sells the same product to the target audience you are looking at. Knowledge of market positioning, pricing, marketing and sales strategies of direct competitors will help you to identify a number of differentiators to help you establish your position in the market. A competitive product offering is an essential source of competitive intelligence.
Every department in your company can use information about what competitors offer, what solutions they offer and how their prices change over time. The way a competitor packages its products adds a level of insight beyond the raw numbers. When your sales team calls potential customers and knows what your competitors are providing them with, they arm them with the actionable information needed to complete a competitive deal.
Analyst reports from Forrester, Gartner and IDC can help in a variety of ways to understand your competition. For example, if you are an e-commerce company, look at how you can beat your competitors and win over their customers. There is a wealth of data on how your competitors perform in content, which can show you the gaps in your website and the need to produce content to compete in SERPs.
Sol advises CEOs to test their value proposition through focus groups, research, and writing a value proposition for your business that goes beyond what your competitors offer.
With online analytics tools for competitors, you can see how your email marketing campaigns stack up against the competition. Semrush helps you understand that your competitors focus on search engine marketing, including the most powerful keywords and their spending. Ontolo is a tool that analyzes your competitors to understand their content marketing strategies.
If you are working on a competitive analysis team, option two is simple: assign each individual participant a team member to analyze. I find it easier to work on the competition analysis in this way, because it makes you work with your competitors throughout the marketing and sales cycle. This means looking at your competitors’ visitors and immersing yourself in their marketing strategies to the point where you can become a sales leader.
A B2B competition analysis evaluates your competition based on several indicators in order to understand its strengths and weaknesses. Typical B2C competition analyses include a brand audit to assess the messages and positioning of known competitors. B2Bs will certainly look different from competitors, with particular attention paid to differences.
For example, if you believe that an indirect competitor is trying to increase its market share in 2017 you can reach current customers with a new value-added campaign to boost customer loyalty. Remarketing is an easy way to stay ahead of visitors and can lead to a higher CTR than an ad campaign. Eliminating a major competitor, especially one that has a monopoly on the market, can generate rapid growth for the company.
The first step on our list may seem obvious, but you’d be surprised how often B2B marketing agency teams and content marketers fail to understand their competitors. It would be more accurate to say that this is not information that is shared with the entire marketing team.