Understanding how your customers are dealing with their challenges today and what options they have helps you define your long-term product strategy. The value of this research extends beyond just looking at competitors.
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.
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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.Analytical competitors: The organization is routinely reaping big benefits from its enterprisewide analytics capability and focuses on making that business advantage renewable.
The organization. An analysis of competitors helps you to better serve customers. By understanding what customers think competitors do well, you can craft a value proposition for your own company that allows you to shine in the marketplace.
Jeffrey Wilke is the CEO of Worldwide Consumer at monstermanfilm.com Inc. Analytical competitors also operate their data initiatives under a single, coherent approach. The programs share leadership, technology and tools. Finally, these companies have executive support and passion for analytics.
What Happens in Your Free Online Competitor Analysis? When it comes to website competitive analyses, free is standard.
But, if you’re looking for the most comprehensive view of your company’s overall marketing health, we actually recommend having a digital marketing company perform a complete, detailed audit. IBM Digital Analytics, formerly Coremetrics Web Analytics, provides advanced analytics, comparative benchmarks about competitors and advice on how top performers are achieving success.
With this solution, you can track and analyze visitor behavior over time, across multiple touch points and channels, and go from insight to personalized marketing action with just a few clicks.
Competitor Analysis is Very much important to sketch the marketing strategy for your product and services. The business may be small or large, it is always recommend to know the competitors move.