When did you last run a competitive analysis for your brand? Furthermore, in particular, do you have any idea how to do one efficiently?
If you’re not sure, or if the last “Research” you ran was a fast perusal of a competitor’s site and social media presence, you’re probably passing up significant insight that could be useful to your brand to develop.
In this point-by-point blog, you’ll figure out how to conduct competitive Research that will give your business a competitive advantage in the market.
What Is Competitive Analysis?
A competitive analysis is a strategy that involves researching major competitors to gain insight into their products, sales, and marketing tactics. Implementing stronger business strategies, warding off competitors, and capturing market share are just a few benefits of conducting a competitive market analysis
It also enables you to stay atop of industry trends and ensure your product is consistently meeting — and exceeding — industry standards.
We should jump into a couple of additional advantages of conducting competitive analysis:
- Helps identify gaps in your own strategy: By analyzing your competitors’ strategies, you can identify areas where you may be falling short and make necessary improvements.
- Provides insights into industry trends: By keeping tabs on what your competitors are doing, you can gain a better understanding of industry trends and adjust your strategy accordingly.
- Sparks innovation: Analyzing your competitors’ strategies can inspire new ideas and approaches to your own strategy.
- Helps you stay ahead of the competition: By keeping a close eye on your competitors, you can identify potential threats and take proactive steps to maintain your market position.
Overall, conducting regular competitive analyses is an important part of staying competitive in any industry.
What Is Competitive Market Research?
Competitive market research is the process of gathering and analysing information about your competitors in order to gain insight into their strengths and weaknesses, as well as their overall strategy. This information can help you identify areas where you can improve your own strategy, and it can also help you anticipate the actions that your competitors may take in the future.
Next, let’s dive into some steps you can take to conduct a comprehensive competitive analysis.
How to Do a Competitor Analysis:
When conducting a competitor analysis, the aim is to identify who your competitors are and how they execute their marketing strategies. This knowledge can uncover areas where you can outperform them.
Here are four fundamental steps to conducting an efficient competitor analysis:
- Determine your competitors
- Develop competitor profiles
- Analyze competitor products, pricing, place, and promotional strategies
- Conduct a SWOT analysis
Step 1: Identify Your Competitors
To effectively analyse your competitors, you must first compile a list of key players in your industry. This will help you determine who is vying for your target audience’s attention and who you should focus on during your competitor analysis. Here are four key areas to consider when compiling your list:
- Industry competitors
- Organic search competitors
- Paid search competitors
- Community competitors
At a minimum, you should identify competitors within your industry and in organic search results. If your business does not run paid ads or have a physical storefront, you can skip the “Finding your Paid Search Competitors” and “Finding Local SEO Competitors” steps.
Step 2: Research Your Competitors 4P’s
After gathering initial insights, the next step is to delve into the “Four Ps” of marketing: product, price, place, and promotion. Here’s a closer look at each:
- Product: Determine how the product or service addresses the customers’ needs
- Price: Decide on the cost of the product or service
- Place: Identify where customers are searching for the product
- Promotion: Develop a strategy to advertise to your customers
Step 3: Developing Competitor Profiles
Once you have identified your competitors, the next step is to gather more information about them.
Creating a profile for each of your primary competitors enables you to compare important details such as market share and audience demographics.
First and foremost, let’s examine market share, which refers to a brand’s impact within their industry
Step 4: Perform a SWOT Analysis
Performing a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis is a crucial step in strategic planning for any individual or organisation. The analysis helps to identify internal and external factors that may affect the success of the plan.
Here are some tips on how to perform a SWOT analysis:
- Start by identifying your strengths and weaknesses. These are internal factors that you have control over.
- Next, identify opportunities and threats. These are external factors that may affect the success of your plan.
- Use a SWOT analysis matrix to organise your findings.
- Prioritise the factors based on their impact on the plan.
- Finally, use the analysis to develop strategies that capitalise on your strengths, address your weaknesses, take advantage of opportunities, and mitigate threats.
By performing a SWOT analysis, you can gain a better understanding of your position in the market, identify areas for improvement, and develop strategies that take advantage of your strengths while addressing potential challenges.
TZS Digital For Competitive Research
Although competitive research may appear straightforward, it takes considerable effort and creativity to produce something truly extraordinary.
By following these steps, you can gain valuable insights into your industry and position your business for success.
And if you need help along the way, don’t hesitate to schedule a call with us. Our team of experts is here to help you navigate the competitive landscape and achieve your business goals
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