The sole purpose of any business is to attract more and more customers so that the potential increase could be seen in your annual sales to grab significant monetary perks! Alain Templeman suggests to for Competitive analysis that is strategic research focused on collecting information about your business rivals that will make you aware about what threats your business rivals are going to put ahead in front of you.
What is Competitive Analysis?
Competitive analysis is a deep analysis that evaluates your business competition so that you can make a strategy to make a space for your business in the intense competition. This particular analysis evaluates strengths as well as weaknesses that results advantageous for businesses to go through the barriers within a targeted market by evaluating direct and indirect impacts of strategies like marketing, distribution and pricing are making on your business.
What Should Your Competitor Analysis Must Cover?
Competitive analysis may vary widely depending on what you’re trying to learn about the strategies of your competitors one can easily start analysis from their website and may have a look at their whole marketing approach. There are thousands of ways you can structure your completive analysis keep following points in your mind while making an effective analysis.
- What customer base they are targeting?
- What market share they currently opt?
- How they approach shipping?
- What their main differentiator
- Key benefits they highlight in sales materials
- If they have received any venture capital.
Why Competitor Analysis is Important?
The main reason it you can consider it as an advantage because without knowing your competitors you can’t differentiate yourself from them a competitive analysis can help you in following ways.
- Make analytic and informed decision about your marketing strategies.
- Explore about industry trends.
- Create benchmarks for yourself.
- Make your pricing strategy.
- Quest for new ways to speak your customers.
Competitive analysis is not a onetime process but is a continuous process that is necessary to ensure company’s growth and maturity over the period of time.
Competitive analysis is a powerful way to stand up against the powerful competition right now says Alain apart from this it also ensures direction to excel in the future with unstoppable future growth.
Step by Step Procedure to Conduct a Competitive Analysis
If you are ready to carry out a competitor analysis get ready to take a dive by using following steps.
Step 1: Identify Your Key Competitors
Start your searches with Google and Amazon around your business idea and products. You have to know about
- Firms selling similar types of products
- Are in similar business premises
- Recently entered in the competition as well as experienced ones.
Put together a list of diverse competitors that give a good look at competitive landscape and are not too big and too small in their size. Make a list of at least more than 10 competitors before making your own business strategy.
Step 2: Prepare a Spread-Sheet
When you end up with collecting data on the group of competitors keep it organized within table and spreadsheet that you can share and update easily over the time. Your list may include following points.
- Price Ranges from minimum to maximum.
- Product offerings
- Social Media Interactions
- Content promoted for lead generation
- First time Visitors
- Other traits and things that are worth exploring
Step 3: Identification of Primary/Secondary Competitors
Start with your list of competitors categorize your competitors each one as primary, secondary as well as tertiary competitors.
- Primary Competitors are your direct competitions who are selling similar products/services to your targeted audience.
- Secondary Competitors are those who sell similar products to different audience.
- Tertiary Competitors this is the list that include market with same audience but not sell the same products.
If you want to make a unique stand in competitive business make sure to prepare a list of strategies based on primary, secondary and tertiary Competitors and to know more feel free to contact Alain Templeman a pioneer in the field.