“We have what you need to know about competition analysis, which is an ideal way to have a strong stance against both your market competitors and to be prepared with the right strategies against possible situations in the sector.”
If you want to create a solid ground for marketing, your market share is very important. However, when you achieve this market share, you can make a difference to your competitors and you can plan a stepping stone to your brand’s superiority in the market. The way is through the competition analysis.
Competition analysis allows you to see your competitors in your industry well and see your company’s position against these competitors. It also helps you to understand the weaknesses of your competitors. So you know how to fight your opponents in the market and you will be more prepared for every situation.
Another useful reason for having a competitive analysis is that you will discover ways to optimize your product before entering the market. In addition, your strategy will be ready for every new situation you will encounter in the marketplace, so you can take better-planned steps.
What steps should you take to conduct competitive analysis? What questions should you ask yourself and how should you gather information about your opponents? Here are step-by-step tips for competitive analysis!
ASK YOURSELF THESE QUESTIONS
In order to conduct a competitive analysis, it would be useful to answer the following few questions first.
Who are my real competitors?
How can I improve my market share??
Unlike my peers, what will I do differently?
Is there room in the market or how can I get there according to the competitive conditions in the market I will enter?
What are my current competitive strengths and resources to capture or surpass my market share?
What are my alternate strategies that will enhance my position according to the ratios?
GATHER INFORMATİON ABOUT YOUR COMPETITORS
After you answer these questions, the consequence is that you will need to build up information about your competitor and that will affect the strategies you will create for your company. To do this, you can view your competitors’ web pages and browse their annual reports.
At the same time, it will be helpful to track the new news stories of these competitors and to gather information about the competitor’s clients or salespeople. You can also collect experiential information by shopping at competitor’s stores or online platforms and by calling sales centers over the phone.
Remember that competitive analysis is an analysis that needs to be done regularly, rather than a one-time market-driven development-focused analysis, and you should definitely take the competition analysis into your marketing routine for a stronger positioning of your company/brand.
YOU SHOULD READ THE COMPETITION’S NEXT MOVES
After gathering the necessary data in order to analyze the market and players, the next step is to take place. It is important to anticipate the reactions that your competitors will take against you, for the actions you take, and what measures you take to protect your strategy.
Entering a marketplace does not necessarily mean that your competitor takes a share of your pie slice. It is also possible to expand the market. But your competitor in the market will try to prevent you from growing your share instead of leaving it to chance. So you can also make moves in that direction by identifying the weakest aspects of your opponent.
For example, if your competitor is successful in quality in a food product, but you are poor in packaging and logistics, you can focus on that improvement point. With competitive analysis, you can take an X-ray of the competitors in the market and develop appropriate strategies.
LOGO ERP and DNMS software have built-in features to provide business analysis. The business reports can help you in competitive analysis based on industry data.