If you have recently started your business, then you need to be aware of your competitors. You are not likely to act as a sole product or service irrespective of any industry you have entered. This is despite the fact if you have launched a solid product that offers amazing solutions. Competitive research and competitive analysis combined with proper market research will be essential to sustain your small business. You need to know those areas where other brands have been enjoying tremendous success. Also get to know the strategies used to strategize more tactically.
About Competitive Analysis
It is considered to be a process to identify major business competitors. You are to evaluate their weaknesses and strengths. Generally, this analysis involves researching in-depth competitor marketing strategies, sales, service and products. This information can help develop better business strategies, thereby allowing you to get an edge over your competitors.
9 Effective Ways To Analyze Competition
1. Identify niche competitors:
Identify your local competitors. Search them at LinkedIn and Google. Use business niche-related keywords. Segment competitors like primary secondary and tertiary. Doing so will allow you to know the next steps to be taken to get a lead over them.
2. Evaluate user experience and site traffic:
Site traffic does help to know the number of customers engaging with competitors. Also, you get to know their preferred brands. You also understand the actions that can help attract potential customers to switch to your business. Do consider time on site, per-user pageviews, bounce rates, monthly unique visitors, traffic sources and Product development.
3. Review service/product offerings:
After identifying your immediate competitors, do review their offered services/products, both obscure and apparent. Products offered might be similar to yours. Do consider pricing structure, features, ease of access, rewards and features as well as Content marketing
4. Differentiate content strategies:
Do review blog content of your competitors and compare yours. Your target audience should be know that you are active in your niche industry and is reliable. Use relevant Content marketing to answer all queries and clear doubts of those who are interested in products or services similar to yours. This way, you develop brand authority.
5. Compare marketing positioning:
Extensive market research should be undertaken to find out if policies implemented by your competitor are worth the try or not. Find out how target audience engages with your competitors, their weaknesses and strengths. While researching, develop comparison matrix. This can help compare your business with that of your competitors.
6. Reviews:
You need to go through customer reviews. It offers an in-depth knowledge of what the target audience feels about the different brands. Word-of-mouth referrals are likely to be impactful. Checking out competitor customer reviews is sure to allow you to know how they are doing business and their used strategies.
7. Review pricing:
Find out your competitors’ pricing policies. Get to know their charged amounts on similar services/products that you deal in. You can gain valuable knowledge by using online tools or manually. With this pricing information, review pricing and find out how they compare. Set prices that are quite competitive, offer you profits while keeping customers satisfied.
8. Use modern technology:
Besides using advanced technology for Product development, also use modern tools that your competitors are using. Incorporate them within your business approach.
9. Social media:
Find out which social media platforms, your competitors are using to attract customers. Identify content and posts that engages their audience. Replicate such content.
The above ways can help you to achieve successful Competitive Analysis and help your business to lead over your competitors.
