The strategies used by each competitor to achieve their objectives.
One of the most common ways to do this is a competitive analysis, but what exactly does this report achieve? Once you know all this, you can reflect on how your company fits into the market, and use it to build a strategy on where you need to go.
A competitive analysis is critical to your strategy because once you understand the playing field, you can line up exactly what it is your target customers value, and knock the competition out of the park.
This goes without saying for your entire business plan! Study this quick course and discover how to make a stronger and more concise business plan today.
What you also need to spend time researching is all of the other companies that are impacting your market share.
Get a picture of the entire market and also identify companies that have an incentive to enter your market in the upcoming 12 months. Once you have all this together you can prioritize the list by ranking the competitors that will prove the greatest challenge.
The main competitors in the industry are all small to medium sized players that have an established presence in the market.
Our competitors we need to pay the most attention to are Company ABC, Company 2 and Company 3, because they are all growing their market share year on year, and at a faster rate than our own.
Think specifically in terms of the features, value provided to customers and how exactly they are being sold. This course is fantastic for using the information you gather to set your prices effectively. In your research consider competitors marketing plans, and what strategies they have in place to get their name out.
If you have access to customer satisfaction surveys from independent research groups they are a great help in getting impartial information. Include information on product quality, and find out how they are both staffed and are operating when you can.
The closest resemblance to our own product comes from Company 2, because their scale of operation and sales force is similar to our own.
Unfortunately the product that is best positioned in the market is that from Company ABC, who also are very present on both TV and internet marketing, hold the largest market share and have had the best year on year growth.
Customers have commented that the durability of our product could be improved when compared to others in the industry, and the issue was raised that both Company ABC and Company 3 both have a much larger presence and regular interaction with our customer base in face to face meetings… Strengths and Weaknesses Be very objective as you put together the strengths and weaknesses of your competition.
Think about their products as if you actually work for the competitor, and discover what makes them so great.
Is it the quality, or the cost to manufacture? Are they more user-friendly, or do they have fantastic design?
Finding all of this is quite easy with the internet, and your first place to start should be their website, and any product review sites you can find. Make some calls, talk to journalists, consultants and major players in the industry.
Inspiration is often easier to find than you think, as most people will be happy to share their opinion with you. Company ABC is leading the pack thanks largely to the success they have had in producing a high quality product and pricing it at a cost below our own to manufacture.
Company 3 is known for having the best sales force, but their products are not considered at the same level as our own, despite having a more flexible range.
Consider asking the journalists and consultants what they think about your competitors to get a more complete idea. Reaching out to customers of your competition is a wonderful way to get additional insight if you can get a hold of them, and your sales team are the ones who will be able to point you in the right direction.So, you can use the Excel template to guide your own competitive analysis, the PowerPoint template to present this analysis to key marketing leaders, and the Word document as a memo to senior business leaders who would be less interested in all of the details.
Competitive analysis is an important part of a startup marketing lausannecongress2018.comr you are a small business owner or launching a startup business, you must do a competitive analysis to keep an eye on your business rivals.
With this analysis, you can make your products & services unique in the market. A competitor analysis is an assessment of the strengths and weaknesses of your businesses’ competitors.
This in-depth analysis of your industry competitors can help you to identify opportunities for improvement within your own business. Running a small business can be highly competitive. At least, it feels that way to the majority of small business owners, according to a poll from the National Federation of Independent Business (NFIB).
53% describe it as highly competitive, while 28% see it as competitive. Competitive analysis is an important part of a startup marketing lausannecongress2018.comr you are a small business owner or launching a startup business, you must do a competitive analysis to keep an eye on your business rivals.
With this analysis, you can make your products & services unique in the market. Apr 23, · A competitive analysis is critical to your strategy because once you understand the playing field, you can line up exactly what it is your target customers value, and knock the competition out of Author: Travis Bennett.