2 Oct 2022| ONPASSIVE
4 Key Steps To Perform Competitive Analysis
It is a good sign that many creative minds are at work developing more businesses. It will be excellent if all of them flourish. Though it does not usually happen, the idea itself seems to fill happiness.
Competition is always good if taken positively. Competitive Analysis helps any business to improve. Though specific key takeaways of a competitor serve as a reference, using one’s creativity can result in improvised and creative outputs.
In real situations, every business is required to analyze competitive information to stand in the market. Below, we will study the significant details about performing competitive analysis.
Competitors are the ones who produce similar or dissimilar products and services as yours within the marketplace. For instance, consider yourselves as a milk biscuits manufacturing company. Another company producing similar milk biscuits, and those companies producing the milk and other flavors of biscuits could be considered your competitors.
And, notably, some of the companies could turn into your competitors by entering into your marketplace.
One question that is likely to bother us when performing a competitive analysis is, do we need to know about all the existing competitors?. The competitors’ numbers could vary depending on the type of industry. Consider all the competitors and know what and how they are executing things.
Market segmentation lies as an answer. Apart from this, marketing strategy could be more refined, including the essential aspects such as opening a new business outlet, price enhancements, discount, appealing packing, customer service enhancements, and new product development.
On what basis can you perform market research serves as the fundamental question of any business. Let us explore the essential points about the competitors that could help perform market research :
The primary sources for collecting competitors information include the following:
The author’s experience is the best lesson for anyone to know about the competitors.
Prepare a tabular format. List out the products as the columns and the features as the rows. Place a tick mark in the box corresponding to the product and the feature if the product satisfies the features. Now compare yourself with the competitors. If you prove that you satisfy more of the features, you have the edge over others.
Post analyzing the competitors’ information, study one’s position. If the rating is less, it is time to improve the services with the substitute products and services. Discuss the major problems hindering the workflow from producing the results at a faster pace. Improvise the marketing strategy covering the required guidelines for overcoming the difficulties and help face challenges.
We saw how significant are the various stages of conducting competitive analysis. It sounds good if technologies can support the challenges across the various stages. AI tools are well designed to serve the purpose.
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