Everything You Need To Know About Competitor Analysis!
It is very rightly said that competition keeps us active and dynamic! Competition in whatever form only keeps us from the mundane light of being in the comfort zone for it keeps us on our toes.
What most businesses fail to recognize is the importance of understanding their competitors. Look at it as being equally important as studying your actual and potential audience.
For the same reason, you just don’t have to know your competition, you need to do a deeper study of your competition.
This article entails everything you need to understand about doing the competitor analysis right! Let’s get started then!
1- Identifying the top competitors
To become a research-driven business, you need to start by creating a list of the top brands that deal in the same segment as you do. They might be geographically in the same place or industry-parallel or they might cater to the same set of audience that you do. Either way, what you need to identify is how strong their hold is in the market and put them out chronologically!
2- Create a comparison table
The next step in your competitor analysis should be a table that puts all of these brands in a fine side-by-side comparison to yours. The popular headers here would be product range, pricing bracket, sources for lead generation, marketing platforms, promotional offers to only name a few. This will help you position your competitors in their strongest and weakest areas of operation!
3- Draw a fine categorization
The next step in this process is to further divide your competitors into Tier I and Tier II. Tier I competitors are those who deal in the same range of products and services as you. Tier II competitors are those who offer identical products and services but to a different segmentation of audience. This will help you place your competition in the light of the “threat” proximity.
4- Analyzing the obtained data
The last and final step in this process would be to analyze the data obtained in the process and take controllable measures i.e., decisions based on those insights. This final step is of utmost importance because it solidifies the whole process and derives something fruitful from the funnel of competitor analysis.
To sum it all up, what companies today need to understand is that competitor analysis or any other research for that matter is not a one-step destination, it’s an ongoing process. And to win at what you do and be renowned for what you offer, you will have to constantly study, evaluate, and analyze your business environment.
