“Keeping track of who your competitors are, what people are saying about them, and what they are saying themselves can help you differentiate your business and stay ahead of trends that could impact your business,” says Michele Levy, an independent brand strategy consultant, this goes to say that there is a linke between you,your business and its competitors
Business competition can be fierce, especially in markets with aggressive competitors and when customer spending is slowing down. If you are in business, you will have competitors for sure. In today’s world, no business idea can run on a monopoly track. Even if your product or idea is among the most unique in the world, you will still have to deal with competitors in some form or the other.
Identifying who your competitors are and knowing what they are doing to keep their business on the right track is crucial for your business. It is equally important to know what strategies they are using at present and what business tactics they are likely to employ in the future to keep pace with the ever-changing market landscape and dynamics.
Competitive analysis is one of the key activities that any business must perform relentlessly. Given the easy availability of sophisticated business tools and data assimilation processes through Artificial Intelligence, competitive analysis is no longer as complicated and time-consuming as it was in the past.
By using the various resources available to them, organizations can create a structure for competitive assessment, gather pertinent information about their business rivals, and develop strategies based on the output of such research to stay ahead of the curve, this will justify the title of this write-up, your business, and its competitors
Competitive analysis is not only about understanding how your rivals are managing their business but also about knowing about the mistakes they are making so that you can avoid them proactively and save your enterprise from possible setbacks. Contrary to a school of thought, there is nothing negative about competitive analysis – it is definitely not spying or infiltrating the activity areas of your rivals.
Market trends do not announce themselves in advance, nor do they wait for anyone to catch up. By the time you finish covering most of the groundwork, the industry will likely have already seen some changes, so you’re back to square one.
In order to be able to act quickly on these trends, marketers need to be equipped with ammunitions in the form of market intelligence. Market intelligence refers to relevant data regarding a given market or product that can be used to interpret business information within the wider industry landscape, assist in making key business moves, and direct market strategies. Market intelligence can provide insights into customer behavior, how they engage with other competitive players, and help understand the current industry, challenges, and opportunities for growth.
- Know the competition: Find out who your competitors are, what they are offering, and what their strengths and weaknesses are. This will identify the areas you need to compete in and give you a platform for differentiating yourself.
- Know your customers: Customer expectations can change dramatically. Find out what matters to your customers now – is it lower price, more flexible or premium service, the latest products?
- Differentiate: It’s essential to give your customers good reasons to come to you rather than a rival. Develop a unique selling point (USP) that taps into what customers want. It should be clear and obvious – no one should have to ask what makes you different.
- Step up your marketing: Make more effort to tell people who you are, what you sell, and why they should buy from you. It doesn’t have to be expensive – promotional ideas can range from posters in your window and leaflet drops to campaigns on social media.
- Update your image: Simple steps such as painting the front of your premises can make your business look more modern and inviting. Look at your business cards, social media presence, your website, branded packaging, clothing, and so on. Does your image reflect your USP?
- Look after your existing customers: They will be your competitors’ target market. Improve customer service by being more responsive to their needs and expectations. Consider offering low-cost extras such as improved credit terms, discounts, or loyalty schemes. It’s cheaper and easier to keep existing customers than to find new ones.
- Target new markets: Selling into more markets can increase your customer base and spread your risk. Are there other potential customers similar to your existing target market? Could you reach a wider audience by selling online or overseas? Make sure you tailor your offer to each different market segment.
- Expand your offer: What new products or services might your customers be interested in?
- Be the best employer: Skilled, motivated employees underpin vibrant, growing businesses. Attracting them means more than paying a competitive wage. People are often more impressed by a good working atmosphere, and benefits such as flexible working and structured career development.
- Look to the future: Businesses that plan for growth are more successful than those that stand still. Keep up with developments in your sector, follow consumer trends, invest in new technology. Have a clear idea of where you want to be in one, three, and five years’ time.
What we deliver
- Competitor’s Analysis
- Up-to-date and reliable market sizes, growth, and forecasts
- Value and volume sizes for markets, categories, companies, brands, and channels
- Segmentation analysis to confirm the size and strength of your target customer groups competitors
To obtain a quote or proposal, send an email to info@webhaptic.com