A competitive analysis major purpose is to uncover a market gap and appreciate your competitor's advantages and weaknesses in comparison to your own. It will also assist you in developing precise plans for outperforming your challengers in these areas to retain the client's interest.
How Do You Perform Best-In-Class Competitor Analysis?
If you don't perform competitor analysis, you may miss out on vital information that could help your company grow. As a result, you must conduct research into how similar organizations work. This will help you to determine how receptive the market is to your organization. It will also help you understand what succeeds & fails in the business.
Let's look at some procedures you can take to perform a thorough competitive analysis.
A Framework for Competitor Analysis:
When done correctly, competition analysis will provide you with a wealth of qualitative and quantitative data to support your own strategic decisions. It can assist you in prioritizing your research and development by emphasizing the features of competitors' products that customers most value. The next section discusses a typical structure for competition analysis:
1. Business and Corporate Metrics: Company and Funding
Start by gathering basic information about your competitors. You might already have one opponent in mind, but you may have more competitors that you're not aware of. In any case, here's what you should look for when reading their blog posts:
● Check out the most valuable content on their page to discover what receives the most clicks.
● Their current rankings: in which section do they have a significant presence?
● Their previous rankings: keep an eye out for growth and significant changes.
● Their backlink profile consists of pages that connect to them and aid in their ranking.
● Take note of the SEO vs. PPC ratios.
Understanding when and from whom your challengers received how much investment might be useful as well, especially if you intend to raise cash yourself. It will provide you with an accurate estimate of how much money you can expect.
2. Product Specifications and Pricing
Let's get to the heart of your competitors' operations: their products and essential characteristics. To keep things structured, break the features into groups of relevant features. Another critical stage in your investigation is to examine your competitors' price pages. Identify and prioritize the chances for your experiments that are shared by numerous competitors.
3. Customers and Public Awareness: Social Media Platforms
Try to find out which social media platforms your challenges are on, the number of followers, how much interaction their posts receive, and so on. Based on the interaction of challengers' posts, the program will also suggest to you the optimum times and durations of the week's publication.
4. Content Marketing
If your competitors' content strategy includes blogging, it is critical that you evaluate their blogs and also what they typically write about. Are the readers interested? Do the posts attract a lot of attention on social media?
You must tailor your content marketing to each point of any convenient funnel view. For example, consider the three-pillared framework that goes: Awareness, Consideration, and Decision; simply said, your content must fit with each stage of the funnel.
5. Customer care
Analyzing the customer service of your competition will help you enhance your own. Customer service is often non-existent in major corporations; this is an excellent opportunity for a new company in the industry. Make a point of emphasizing the excellence of your customer care on your website.
6. Perform a SWOT analysis of the competitors
This is a great way to compare your company to others. After you've identified some direct competitors, examine their strategies concerning their strengths, weaknesses, opportunities, and risks.
Important Takeaways:
A competitive analysis is designed to give you information to help you make marketing and product development choices. You will be better positioned in the business to grow and attract loyal clients if you integrate a thorough examination of your competition into your initial company strategy.
Individual experience, industry expertise, market knowledge and advertising skill sets are examples of financial resources that could be used as a foundation for your evaluation and competition criteria.