There are loads of companies out there selling the same product as yours. All of these are your competitors and stopping you from gaining a lot of market share. Now, in order to make sure your company beats all your competitors, you need to carry out a competitive analysis.
The thing about competitive analysis consulting is that it can do wonders for your business. It opens loads of growth opportunities for you and helps you stay on track, keeping your customers satisfied. Have a look down below and learn more about competitor analysis.
What Does Competitive Analysis Tell You?
Competitive analysis helps you understand your competitor’s strengths as well as weaknesses compared to yours. These help you find a gap in the market. You can shape your business strategy accordingly and keep your customer’s attention as well. Competitive analysis also allows you to determine how you can gain your competitor’s customers and increase your customer base.
Types of Competitors
There are different types of competitors out there. These include direct competitors, indirect competitors, and substitute competitors.
Direct competitors are the businesses that sell the same product and services in the same target market with similar goals as yours, such as gaining a certain amount of profit and increasing a certain amount of market share. Your direct competitors basically have the same target audience as yours and are selling them in a similar manner, just like you.
Indirect competitors are the companies that sell the same product and services just like your direct competitor. However, what makes them different is that their goals are different from yours.
Lastly, substitute competitors are companies who sell a product or service same as yours to your customers.
How Can You Carry Out A Competitive Analysis?
Figuring out how to carry a competitive analysis? Well, here is what you need to know.
Identifying Your Top Ten Competitors
The first thing you need to do is to identify your top ten competitors. This can be done through Google or any other tools out. All you have to do is add a couple of details, and the tool will generate your top competitors for you to analyze.
Now that you have figured out who your competitors are, what you need to do is start comparing your content with their content. What do they mostly share? Blogs or case studies? Moreover, do they have a YouTube channel or not?
Find out the channels they use for marketing their products and what makes their social media so different. Analyze their followers on different social media platforms and figure out what their audience likes the most. Moving on, find out their marketing strategies. For instance, what kind of campaigns do they run and the kind of content they post.
You should also check out their website and find out what makes it so incredible. What is it built with, is it slow or not, and how did they add their products there.
Lastly, find out their SEO strategies. What kind of keywords are they going for? Did they opt for off-site SEO? All of these things matter a lot.
Come Up With Better Strategies
Once you are done with analyzing your competitors, all you need to do is come up with better strategies to increase your market share. Remember, you need to be better than your competitors, and this includes figuring out why people are going to their brand and the stuff they have missed out on.