Who doesn’t like to stay on top of their competitors? From digital marketing agencies to B2B companies, each brand likes to think out of the box, innovate new trends and take the road that hasn’t been trodden on before. Here is where competitive analysis comes into effect.
Competitive analysis can help you determine where your company is succeeding, where it has room for improvement, and which trends you should anticipate.
When your company isn’t moving as quickly as you’d like or when rivals are trying to secure orders from your target customer, conduct a competitive analysis.
A competitive analysis should look at the features, market share, pricing, marketing, differentiators, strengths, weaknesses, geography, culture, and customer reviews of your competitors.
If your recent competitor’s analysis only involves a quick cursory glance at their website and social media pages, trust us, you’re missing out. With proper competitive analysis, you can enhance your brand, improve your business and create efficient strategies that set you apart from your competitors. Keep reading to learn more!
Key Stats
• 90% of Fortune 500 companies already use competitive intelligence to gain an advantage.
• More than 73% of businesses devote 20% of their IT budgets to research and data analytics.
• 74% of enterprises report that their main competitors are already successfully differentiating their competitive strengths with clients, the media, and investors using Big Data analytics.
• 57% of businesses say gaining a competitive advantage is one of their top three priorities in their industry.
• 94% of companies intend to invest in competitive intelligence. With so many companies looking for data-driven solutions for their business ventures, the only way to stay afloat is to join in.
What Is Competitive Analysis?
A competitive analysis, also known as a competitor analysis, is a comparison of competing strategies used to assess the strengths and weaknesses of various marketing approaches within an industry.
It assists a company in determining possible benefits and barriers within a market surrounding a product or service, and it generally assists brands in monitoring how direct and indirect competitors execute tactics such as distribution, marketing, and pricing.
What is an example of competitive analysis?
The competitive analysis can differ greatly depending on what you want to know about your competitors. You could conduct a competitive analysis centered on a specific aspect, such as a competitor’s website strategy, or you could take a broad peek at their marketing strategy as a whole. The ultimate goal is to assist you in understanding your strengths and reaching out to new potential customers.
There are numerous ways to organize a competitive analysis, so let’s take a look at the various types of information that are commonly found in this type of research.
If you’re conducting an intense competition analysis, there are a few key elements to consider regarding competitors’ market positioning, such as:
- Who are their target customers are
- What is their key differentiator/unique value add for their company and products is
- Key features/benefits highlighted in sales materials
- Price points for items throughout a variety of marketplaces
- Shipping methods; Funding or venture capital received
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