The article, What Marketing Competitor Analysis Is and How to Do It published on Business 2 Business Community, Feb 27, 2021 provided a breakdown on a Marketing Competitor Analysis. Here is part of the article.
“Knowing your competitor’s brand, their success rate, and the way they advertise themselves will help you come up with aggressive tactics to win over the customer base….you can learn how to do a competitive analysis without being a marketing-wiz. As long as you understand your industry and your own company, you’ll be able to analyze the opposition in a way that benefits you, your profits, and your customers.
Knowing your competitors helps you beat them. There are various competitor analysis tools that can help you better understand your business rivals even if you aren’t formally educated in data analysis.
Word-of-mouth travels via virtual channels nowadays, so you can’t afford to ignore the internet. Odds are, every one of your competitors is online. While this increases your struggle to stand out, it also provides you access to information that will help you build your competitive market report.
First, you need to identify your rivals. They might be direct or indirect contestants, but consider both when conducting the report. Find their websites, their apps, anything that promotes their brand, and study it.
When researching your rivals, ask yourself what they do that works. What doesn’t work? Have they had any major PR incidents?
Are your competitors offering more than you? What are their customer reviews like?
The answers to these questions will help you level the playing field and eventually take advantage of your competitors.”
Here’s our take on the article about Marketing Competitor Analysis:
The Business 2 Business article is a terrific marketing competitor analysis jumping off point. It clearly demonstrates why your business should allocate resources to keep tabs on your competition. But does it go far enough? How deep a dive are you willing to take to examine your competitors in the marketplace? The truth is, the more exhaustive your analysis, the more effective your marketing competitor analysis is likely to be.
Important Factors of A Good Marketing Competitor Analysis
After identifying your competitors, the direct, indirect, potential, and future competitors, you’ll want to adopt an analysis model that you can use for your framework. Generally, you’ll want to start with an overview about each competitor, but the more in-depth your study, the more you can learn about each company’s strategies for growth and success in your sector. For an exhaustive analysis, your model should include elements such as:
- Unique value proposition
- Target audience / customers
- Website (SEO friendly? Optimized for mobile? Design success?)
- Products with pricing
- Social media platforms
- Content marketing and more
And, keep in mind that a report of this nature isn’t a finite matter. You or your staff should plan to report on your competitors periodically in order to keep tabs on what they’re doing and how it may affect your business.
At Blue Interactive Agency, we partner with our clients to perform in-depth marketing competitor analysis. This allows us to help them build their place in their marketplace niche, strengthening it and promoting business growth in spite of the competition. Contact us to learn more about our digital marketing solutions.