Competitor analysis is one of the ways to achieve a high position in the industry and one of the most significant brand marketing strategies. By studying the actions of the competition, it is possible to identify the opponent and learn about their movements which will consequently enable you to gain a competitive advantage.
At this point, it is worth emphasizing that market and competition research is not about using practices that restrict competition to any extent or are unfair, but it is a way to learn about the expectations of potential customers and respond to their needs 100%. The tools available, which are used by professional companies such as PRESS SERVICE Media Monitoring, make it possible to analyse the activities of the competition on many levels.
What is competitive analysis?
Competitor analysis is the process of monitoring what your competitors are doing and then reporting the results of those observations. The study looks at both current competition and potential competition. Analysis is an ongoing process, and its purpose is to learn about each aspect of running a competitive business and draw conclusions to improve your operations.
A proper competitive analysis should be completed by providing practical business recommendations that will help the company reach the highest possible level of its own capabilities. It is by knowing the strengths and weaknesses of your business opponents that you can improve your position in the industry. Competitive research additionally highlights the mistakes you make and helps you eliminate them.
What elements should be analysed?
For a competitive analysis to be done properly, it should cover many areas. It is very important that the competition study covers all the important aspects. It is worth considering who the biggest competitors are, but no one should be underestimated.
What should be considered when conducting such an analysis?
Competitive products analysis
First of all, you should consider the product. You should look at what your competitors are offering, as well as consumer reviews of competing products and services.
Analysis of the target group of the competition
Second, it is important to note who the competitors are targeting. It’s a good idea to know your target audience and what their needs are.
Analysis of competitor’s business model
The third element to look at is the business model and marketing and sales in the broadest sense. It’s very important to also examine the channels the salesperson uses to communicate with the customer. In the age of the internet, social media is very significant in marketing. Instagram, Facebook, and Linkedin are all places where you can learn about your competitors’ strengths and weaknesses, opinions circulating about brands, and easily learn about the expectations of your potential customers. Additionally, social media is a great place to learn how your competitors are running their advertising campaigns.
Analysis of competitors’ websites
Another place to visit when conducting a competitive analysis is your website. It’s important to look at the content that’s being shared, analyse the keywords they’re using, and find out how the company is promoting itself online.
Who should conduct competitive analysis?
A multifaceted effort is needed to properly conduct a competition study. In order to comprehensively carry out such investigation, it is necessary to have knowledge and experience. PRESS SERVICE Media Monitoring company uses professional research tools to conduct market and competition analysis, collects and presents collected data and proposes solutions that help to gain competitive advantage on the market.
With the information that a proper competitor analysis provides, it is possible to create your own appropriate strategy or improve the one you already have. It is worth remembering that in order to protect yourself from losses in market share, it is important to constantly monitor your competition. Or would you like to do a competitive analysis that meets the needs of your business? For more details, visit: https://psmm.pl/oferta.