Forgetting about competitive analysis
Posted: Sun Jan 19, 2025 5:11 am
Unlike commercial intelligence, competitive analysis involves collecting and evaluating information about competitors, rather than about the business sector as a whole. Competitive analysis helps to understand what market size competitors occupy, what advantages and problems they have, and at what price they offer their goods and services.
There are two ways to conduct a competitive analysis:
contactless, which means studying competitors without direct contact with them and their employees: analysis of reviews on the Internet, websites, pages on marketplaces;
contact, which includes communication with albania whatsapp number data current or former employees of a competitor, mystery shopping, or hiring a mystery shopper.
Let's move on to the competitive analysis algorithm.
Step 1: Identify your competitors: Identify companies that offer similar products or services to your company.
Step 2. Collect all possible information about them from open sources: websites, media, review sites, accounting reports, arbitration case files, and so on.
Step 3: Analyze the prices of your competitors' products or services and try to determine their pricing strategy.
Step 4. Analyze marketing strategies: study the ways in which competitors promote their products or services, their social media activity, advertising campaigns, and marketing promotions. You can use such analysis tools as AppAnnie, AdBeat, Sensor Tower, and SimilarWeb.
Step 5: Analyze your competitors' products and services: Compare the quality, functionality, and other characteristics of your competitors' products or services with yours.
Step 6: Conduct a SWOT analysis: identify the strengths and weaknesses of your competitors, as well as the opportunities and threats they face.
After all these steps, you will be able to formulate a marketing strategy that will allow your company to become competitive and successful in the market.
There are two ways to conduct a competitive analysis:
contactless, which means studying competitors without direct contact with them and their employees: analysis of reviews on the Internet, websites, pages on marketplaces;
contact, which includes communication with albania whatsapp number data current or former employees of a competitor, mystery shopping, or hiring a mystery shopper.
Let's move on to the competitive analysis algorithm.
Step 1: Identify your competitors: Identify companies that offer similar products or services to your company.
Step 2. Collect all possible information about them from open sources: websites, media, review sites, accounting reports, arbitration case files, and so on.
Step 3: Analyze the prices of your competitors' products or services and try to determine their pricing strategy.
Step 4. Analyze marketing strategies: study the ways in which competitors promote their products or services, their social media activity, advertising campaigns, and marketing promotions. You can use such analysis tools as AppAnnie, AdBeat, Sensor Tower, and SimilarWeb.
Step 5: Analyze your competitors' products and services: Compare the quality, functionality, and other characteristics of your competitors' products or services with yours.
Step 6: Conduct a SWOT analysis: identify the strengths and weaknesses of your competitors, as well as the opportunities and threats they face.
After all these steps, you will be able to formulate a marketing strategy that will allow your company to become competitive and successful in the market.