Finding your business competitors and reviewing their strategies to establish what areas they are strong and weak in relation to your business, service, or product.
Carrying a comprehensive evaluation on competitors is very critical when you are drawing a marketing plan.
The analysis helps you determine specific factors and contingencies that make a particular service or product unique. As a result, you can tell with precision the attributes that are required to attract more clients, reach higher sales, and profits.
Analyze the competitors by classifying them into various categories depending on how effective they are in their marketing efforts. Then, for every strategic group or individual competitor, make a comprehensive list of their products, services, profits, past strategies, current marketing methods, objectives for their marketing, and even assumptions. You should also include strengths, weaknesses, competitors business, and growth trends.
The following are key questions you should try answering when coming up with such plans;
(i) Who are the competitors in the target market?
(ii) What services or products do they trade in?
(iii) What is the correct market share of each competitor?
(iv) What strategies did they apply in the past and what was the level of their success?
(v) What strategies are being used by competitors currently?
(vi) What methods of marketing do they use?
(vii) What media do they utilize and how many hours are bought every week/month?
(viii) What are the areas of strength and weaknesses of the competitors?
(ix) What threat do you perceive from the competitors?
(x) What opportunities do the competitors provide for your business, service, or product?
A fast and easy method of comparing your product with others in the market is coming up with a competition grid. On the left-hand section, list names of the five products/services competing with what you are selling. At this point, make sure to figure out what clients would buy if they do not go for what you are selling.
At the top, list the core features of every service or product offered by the competitor or group of competitors. These characteristics could be size, price, and targeted market. They can also include distribution model, past performance, and customer service.
If you are selling a service, make sure to make a list of potential buyers, local market, webpage, prices, and other relevant characteristics. A distant look at the grid will provide you with a clear picture of where your business, product, or service fits.
Want help running detailed analysis on your competitors?
Our team at Blue Burst can help and provide a detailed report on your top competitors.
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