In order to achieve a high position on the market, it is necessary to develop a strategy based not on your own beliefs and gut feelings, but on specific market data. The benefits of competition and the information that you can obtain from its analysis and observation will help you better understand industry trends and see the gaps that you can fill.
Constant monitoring of media activities is one of the actions that bring the most tangible benefits, enabling the development of a strategy taking into account specific aspects.
WHAT IS MARKET ANALYSIS?
Market analysis is a set of activities undertaken in order to adjust your strategy to the current demand and supply. Thanks to the information obtained, it is possible to predict what the immediate future of the industry will be, in which direction its development is heading and how fast it is progressing. Assessing the chances of success in the market is crucial both if you want to maintain your current position and strengthen it.
It is worth doing not only before entering the market, but also at every stage of its development, especially in key moments such as a new advertising campaign, an idea for another product or price changes.
When analysing the market, you cannot forget about competition. There are many ways to compete with market rivals and depending on the industry, trends, speed of development and progress in a specific area of business, as well as your own potential – you should choose the aspects that give you the highest chance of success. When carrying out market analysis, we pay attention to the content published in trade magazines and websites, the research carried out so far and its results and statistics, expert opinions, data from the Central Statistical Office, as well as legal acts, obligatorily with their amendments, but still bearing in mind the competition.
KNOW YOUR COMPETITORS
Before choosing specific tools to be competitive in the market, get to know your biggest competitors. Thanks to market analysis, you will find out who has the highest and most stable position in the industry. Focus on these competitors, the way they operate and the techniques they use to build a positive image on the Internet. Perform an analysis of their websites, checking how high they are positioned and what keywords they are positioned for. Moreover, the communication channels they use are important. They are probably not limited to their website only, they can also use social media, as well as newsletters and external trade portals.
Among the ways to compete with other market participants is to gradually reduce the distance to them in Google’s ranking. The goal of every website owner is to achieve the highest positioning, making it more visible and accessible to the potential customer. If a competitor’s website keeps its high positioning all the time, it means that it is doing well in its SEO-focused activities and is worth taking a closer look at. In addition, pay attention to the external websites’ referral links that send users your competitors’ websites. Thanks to this, you will find out who contributes to its success.
WHAT YOU GAIN FROM KNOWING YOUR COMPETITORS
And what are the specific benefits of competition, its analysis and obtaining information about its search engine and industry position? For newly emerging companies, competitors can be an inspiration and at the same time a source of knowledge on how not to act and what behaviour to avoid. If a particular company in the industry has been doing well for a long time, the methods they use are effective, which you can use in planning your strategy. Continuous competition monitoring also brings benefits to companies that have been in the industry for a longer period of time. Thanks to the obtained data, it is possible to improve their activities, e.g. by supplementing a niche that has so far remained unnoticed, even by larger players.
The benefits of competition are primarily focused on your success in new activities and changes. You have a chance to redefine the position of your brand by analysing the already existing and emerging competition. You learn about good practices that you have not followed before, and there is a good chance that they will bring you numerous benefits. Market and competition analysis is also important when assessing the advertising and marketing activities your company has undertaken so far. You check if they are effective and if they bring the desired results.
COMPETITION TOOLS AVAILABLE ON THE MARKET
You already know what market and competition analysis involves, what its benefits are and how you can use the information you gain. What are the tools to compete on the market? Both free and paid versions of many programs are available, thanks to which you will get to know your competitors better and make a detailed analysis of their websites. SimilarWeb is a good choice, as it provides data on the keywords used in both organic and paid positioning.
Inforia is another very helpful tool in competition monitoring. It provides access to current media reviews and enables generating automatic reports in the area of interest to us.
Remember that systematic market analysis and generating reports on current industry trends, as well as in the activities of competitors, primarily serve to improve your own strategy. Thanks to these activities, we become more effective and more aware of our market position.