Mastering Competitor Analysis for Strategic Advantage

"A competitor analysis is a cool strategy that helps finding the top competitors in the market with the same kind of products or services as you have"

A thorough evaluation allows us to know their powerful marketing tactics, special features following, ways of attracting the customers and some insights. 

Here you may have a doubt, with those things what benefits we have, right? 

Well, it enables us to do the implementation one step ahead from them and make powerful interactions with the customers. The chances of increasing the sales rate, conversion rate and profit rate. 

Don’t give a way to a competitor's win as you may have an opportunity to lose your potential customers. For creating a success history, they continuously monitor your product or brand to do the best than you. 

It is essential to ensure that the business ideas are unique, interactive and people-friendly. Launch a new product before your competitors do that. Revamp your marketing strategies effectively and let the target users turn back and see you. 

If it continues, no one will restrict your growth and success. This is strong advice for any industry to find a different range of competitors for enabling accurate strategies.

Easy tracking of all the data is possible with advancement, however, you need some collection of details to outperform them. Those are: 

1. Find your competitors exactly 

2. Make a clear note of competitors profile

3. Identify your competitors products, services, cost, promotional strategies and place

4. Conduct SWOT analysis (strength, weakness, opportunities and threats)

Getting the list of your industry competitors is a key factor. This allows you to know thoroughly who is targeting your potential customers and launching products against yours. 

With the below-given easy steps, your work becomes dead-easy. 

• Your industry people
• Organic search history
• Paid search history
• Your community people

Herewith, the industry people and organic search are must to go with though if you are skipping the least two. 

a) Identifying your Industry People

"Industry competitors are nothing but the people selling the same products or services like you"

Focus effectively on withdrawing the list of direct competitors whom you want to focus primarily on. 

For Example: If you are running a fashion boutique by particularly concentrating on youngsters under a certain age. The people doing the same on the market are your direct competitors. 

To get in deep, follow the given ways: 

Customer Feedback - Target your regular users who seek your destination to buy the products than the rest of the companies. Ask them what are the relevant products or services they are looking for further. It makes you closer to your direct competitors. 

Conducting Market Search - Go through the market to know people who are doing business similar to you. Make a discussion with your sales team to act smart and collect the list of related companies. 

Online Platforms - To boost up sales and revenue, people target social media and online communities recently. While investigating the customers online, you may have the chances of getting potential competitors. 

b) Organic Search History 

To be clear, organic traffic only happens because of powerful keywords. This is being deferred from industry competitors and somewhat powerful too. 

Finding the competitors through organic search is quite easy and effortless. Make use of Semrush organic search tool to find whom exactly competitive you with Google’s search results. 

c) Paid Search History

Next, we have to look for paid search advertising for doing strategies one step ahead of them. With this step, you’ll be shown with the businesses performing paid advertisement. 

Paid advertising deeply insight the competitors by location, context and device wise. 

There are some tools like Advertising research that helps you identify who your competitors are. 

d) Community People

People belonging to the same community or same cater are your tough competitors. By chance, if you are holding a big reputation in the market then you could think in advance to sell your product. 

Everything matters to calculate the strength and weakness of their businesses. So, put your effort double and come up with clear data of competitors to implement better promotional strategies than them.

It’s time to learn more about your competitors to upraise your business. 

Create an individual profile of each of your competitors with benchmark details such as focus people, keywords, marketing strategies, new launch products and a few more. 

Make a note of the details that highly influence their growth. 

This is the stage that declares your competitors background information which typically requires to lift your business credibility and growth. 

"Accelerating your product reach depends upon how effective your competitor analysis is. While conducting a search, ensure those significant factors are examined properly"

It’s important to compare the performance and extra fitting features of your competitors with yours. Those things help your product super-smartly and make you win. It is advisable to take care of the following properties without fail. 

Product - Product comparison is a priority to win the customers. Look over the quality and quantity to know how it varies from yours. List features that are liked and disliked by the users. 

Pricing - How is their product pricing when compared with yours? Are their charges comfortable for the customers? Is their estimated cost structure comparatively higher or lower than yours? 

Promotion or Marketing Strategies - Without a doubt, marketing is a prime factor to be noted at your competitor’s side. Check and know what powerful methods they are practicing to stand ideal among the search results. 

Location - Not all the places will do favor for our businesses, right? So, analyze which place is targeted by your competitors and whom their potential customers are. 

Partnership - make sure whether they are doing the business in partnership. If yes, how long have they been joining together?

Reputation - Do you know how important the reputation of the company is? What people are talking about the services of your competitors? Do their reviews and reputation are up or down with your business? 

SWOT Analysis is a framework used to evaluate the strength, weakness, opportunities and threats. Such assets are mandatory to understand how your business strength is. It provides the data of both internal and external factors that obviously helps your business for a long-run.

Believe it, with such analysis you may get to know the current and future range of competitors. A little bit of effort tends to achieve the best results than you estimated. This is not a trend to wait for an opportunity, instead you should come front and create a path for yourself and think how to stand unique among all. 

Business visibility is based on the effective strategies you are holding on. According to the Google campaigns, business has some tactics that need to be implemented for user’s trustworthiness. Therefore, do the necessities as ideal as possible to take advantage of the opportunities. 

In this modern world, nothing is impossible or tough to unlock, right? Then why do you still need to stay back? Just come and utilize the available resources to visible clearly your competitors' operation and bring potential changes in your brand accordingly.