What are some of the best practices for conducting a competitor analysis?
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The first step is to define who your competitors are. You can use different criteria to segment them, such as market share, product range, customer base, pricing, distribution, and positioning. You should also consider both direct and indirect competitors, meaning those who offer similar products or services, and those who satisfy the same customer needs with different solutions. You can use tools like Google, social media, industry reports, and customer feedback to find and categorize your competitors.
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During the initial stages of conducting a comprehensive competitor analysis, it is vital to meticulously identify both your direct and indirect competitors. It's imperative to cast a wide net and avoid overlooking any potential competitors, as they may wield influence over your market share. By diligently accounting for all relevant players in the market, you can ensure a thorough analysis that leaves no stone unturned.
The next step is to evaluate your competitors' strengths and weaknesses. You can use a SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) to assess their internal and external factors that affect their performance. You should focus on aspects like their value proposition, target market, unique selling points, customer loyalty, brand awareness, marketing mix, innovation, quality, customer service, and reputation. You can use sources like their website, social media, reviews, testimonials, case studies, and online surveys to gather information and insights.
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Your customers know best who your competitors are, ask them whom they see you competing with. Oftentimes they have a different perspective on your offering and on the market and may not position you as you would expect. This reality check will help you fine-tune your branding and communication and better asses the market you're in.
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Do not….I repeat…do not sit in your office with your team and brainstorm this information. You and your team work in your company and you’re biased whether you want to believe it or not. Go to your customers and ask them! Develop a Brand perception map based on the variables you want to understand and use that information to assess the strengths and weaknesses of your competitors. The customer’s opinion on this is the only one that matters. Lastly this works even better when you understand your customer segments really well also.
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Try what's free first if you have limited funds or even if you don't you have to make your budget stretch. Social media is usually free unless you decide to advertise if you do I would suggest Google ads! FREE BUSINESS DEVELOPMENT AND MARKETING SERVICES! FOR N.B.C.C, LLC no credit card needed or payment required for locally-owned or small businesses! Best regards & warmest wishes, Michelle Hartog Business Development and Marketing Expert Professionals Realtor with Virga Realty, Inc RON State Of FLORIDA CELL PHONE 850-832-9716 MICHELLEHARTOG.VIRGA-REALTY.COM
The third step is to compare your positioning and differentiation with your competitors. You can use a positioning map to plot your competitors and yourself on two dimensions that are relevant to your industry and customers, such as price and quality, convenience and variety, or features and benefits. This will help you see how you stand out from the crowd, and where you can improve or adjust your strategy. You should also identify your unique value proposition, which is the main reason why customers choose you over your competitors.
The fourth step is to monitor your competitors' strategies and actions. You should keep an eye on their marketing campaigns, product launches, price changes, partnerships, mergers, acquisitions, and other significant moves that might affect your market position and customer behavior. You can use tools like Google Alerts, social media listening, newsletters, blogs, press releases, and industry publications to stay updated and informed. You should also analyze their results and outcomes, such as their sales, revenue, market share, customer satisfaction, and retention.
The fifth step is to learn from your competitors' best practices and mistakes. You should not copy or imitate them blindly, but rather use them as inspiration and guidance for your own marketing strategy. You should also avoid repeating their errors or pitfalls, and find ways to exploit their weaknesses or gaps. You can use tools like SWOT analysis, benchmarking, and gap analysis to identify and measure your competitive advantage and areas of improvement.
The final step is to adapt and improve your marketing strategy based on your competitor analysis. You should use the insights and data you gathered to refine your goals, objectives, tactics, and metrics. You should also test and measure your results and feedback, and make adjustments as needed. You should also conduct competitor analysis regularly, as the market conditions and customer preferences might change over time.
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Let me explain this with Football analogy. In the game of marketing, the final whistle blows with the adaptation and improvement of your strategy, inspired by the insights gained from competitor analysis. Just like a skilled football team, you must refine your game plan, set new goals, execute tactical maneuvers, and constantly measure your performance to stay ahead in the league. Regularly reviewing your competitors ensures you stay nimble and responsive to changes in the market, just as a football team adapts its tactics based on the opponent's style. Remember, winning the marketing championship requires continuous refinement and a relentless pursuit of improvement.
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Your best bet to get a good competitor analysis is asking your customers. 1. Create a situational analysis. (Fairly easy) 2. Use Porters 5 Forces to analyze your industry. 3. Use the Pestle Framework to analyze the business environment. 4. Develop a Brand Perception map using customer input. 5. Use all of this information to do a competitor analysis.
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