Post by akabborakabbor on Feb 28, 2024 0:23:51 GMT -6
Do you know what a competitor analysis is and why it is important for the growth of your company? If your answer is no, then I recommend you read this article to find out everything you need to know. If you've done one but can't remember when and how, then let me show you how to do one effectively. Working independently or choosing an Inbound Marketing agency: 15 aspects to consider Competitor analysis and marketing strategy This type of analysis is not simply a superficial monitoring of competitors' activities, but an in-depth study of them that leads to the creation of marketing strategies capable of truly growing your business . Taking a brief look at your main rival's website and checking what promotions it is running online is not enough to outline a communication plan that will make you competitive. A competitor analysis takes into consideration the main competitors and everything that concerns them: product catalogue, sales, web presence, marketing strategies they are applying.
The data obtained is extensive and, above all, very useful for your business. A well-done analysis can also make you understand if you are already doing the right things or if you are missing opportunities to advertise your brand and what your company sells. By performing a competitive analysis you will be able to: Identify gaps in your industry Develop new products and services Discover market trends promptly Understand how to communicate with customers more effectively Sell more To obtain these results you need the help of real experts who know how to carry out a competitor analysis and which Chinese Student Phone Number List metrics to take into consideration. Screenshot 2020-02-19 at 12.15.57 The key steps of a competitive analysis You cannot rely on instinct and improvisation when you have to analyze competitors to gain a strategic advantage, but you need a method and a series of fundamental steps to carry out. To correctly carry out a competitor analysis you need to: Understand who your competitors are Determine what products they put on the market Research competitors' sales strategies and results Analyze how other companies market their products Know the contents that are published and the degree of engagement Examine SEO aspects Study social pages Perform a SWOT analysis Let's try to better understand each of these points.
Competitor analysis: understanding who they are The first phase is where you establish who your company's competitors really are. It might seem like a trivial operation, but it isn't at all. For example, you may think that a strategy used by a company similar to yours should be implemented immediately, but instead you must first think about the fact that it may not work because your brand is perceived differently by potential customers. First of all, it is necessary to divide the competition into direct and indirect competitors . Direct competitors are those who put products or services on the market that are perfectly comparable to yours and who market them in the same geographical area as you. Indirect competitors are those who offer products or services that are different from yours , but which satisfy the same needs. The analysis must focus on direct competitors, looking only out of the corner of the eye at indirect ones.
The data obtained is extensive and, above all, very useful for your business. A well-done analysis can also make you understand if you are already doing the right things or if you are missing opportunities to advertise your brand and what your company sells. By performing a competitive analysis you will be able to: Identify gaps in your industry Develop new products and services Discover market trends promptly Understand how to communicate with customers more effectively Sell more To obtain these results you need the help of real experts who know how to carry out a competitor analysis and which Chinese Student Phone Number List metrics to take into consideration. Screenshot 2020-02-19 at 12.15.57 The key steps of a competitive analysis You cannot rely on instinct and improvisation when you have to analyze competitors to gain a strategic advantage, but you need a method and a series of fundamental steps to carry out. To correctly carry out a competitor analysis you need to: Understand who your competitors are Determine what products they put on the market Research competitors' sales strategies and results Analyze how other companies market their products Know the contents that are published and the degree of engagement Examine SEO aspects Study social pages Perform a SWOT analysis Let's try to better understand each of these points.
Competitor analysis: understanding who they are The first phase is where you establish who your company's competitors really are. It might seem like a trivial operation, but it isn't at all. For example, you may think that a strategy used by a company similar to yours should be implemented immediately, but instead you must first think about the fact that it may not work because your brand is perceived differently by potential customers. First of all, it is necessary to divide the competition into direct and indirect competitors . Direct competitors are those who put products or services on the market that are perfectly comparable to yours and who market them in the same geographical area as you. Indirect competitors are those who offer products or services that are different from yours , but which satisfy the same needs. The analysis must focus on direct competitors, looking only out of the corner of the eye at indirect ones.