Think of a business that does not want to perform better than its competition! Every small or big business is looking for a better strategy to perform better than their competition. Do you know the best competition analysis strategies to boost up your business?
Competitive analysis is a process of evaluating the products, marketing strategies, and performance of your competition to spot where your business is lacking or how you can perform better than them.
In this blog, we have talked about competition analysis strategies that can help in boosting your business effectively as well as efficiently. We have talked about the benefits of having a defined competition analysis strategies.
Best Competition Analysis Strategies are not as it seems to be. You have to be careful while choosing the company for comparison. It should be your competition in reality. You should be well-acquainted with the aspect that needs to be analyzed. You should know how you can extract the data and how it can be used to improve your business.
Competitive analysis is not as easy as it seems to be. Sometimes it becomes very difficult to extract the insights of your competition. But the right strategy can do it all. Make sure you are using the best competition analysis strategies to yield maximum results.
So, let’s begin with our plan to beat the competition effectively using the Best Competition Analysis Strategies
Benefits Of Best Competition Analysis Strategies
A defined competitive analysis framework can benefit entrepreneurs, companies, single owners, partnership firms. It is beneficial for everyone who is running a business. Here is a list of benefits of having a great competitive analysis strategy for business.
- It helps you in understanding your competition effectively.
- It provides you with business metrics, product analysis and a marketing assessment.
- Valuable data can help you in locating your loopholes and you can work on them to deliver the best performance.
- You get complete knowledge of the market and design your plans and strategies accordingly.
- After analysing where your competition is lacking, you can offer value in the same area to the customers. This would be a great idea to pull customers towards your business.
- You can measure your growth.
- Tap the resources that are not touched by your competition.
- Develop your Unique value proposition.
Having a great competition analysis and developing best competition analysis strategies for business could be one of the best things you can do for your business. Make sure you are tapping the right area to enjoy the maximum results. It is completely okay to ignore the areas that don’t bother your business.
Define who is your competition
Can you develop a competitive analysis strategy without finding your competition? Absolutely, No! So, the first step is to find your competition. Analyzing the industry or considering the top two or three competitors is not enough.
You have to research deeply, find your nearest competition and then build strategies to get the best results. Consider including big, small, direct, and indirect competitors and get insights into the required areas.
You can find your competition by using this Competition Analysis Strategies. Make a list and jot down three categories.
- Direct competitors
- Different solution providers
- Different customers
You must have not understood, what we are talking about. So, keep reading to find your answer.
- The nearest or direct competition offers the same solution to the same customers.
- They are addressing the same problem but the solution is different. The solution is different but the target audience is the same.
- They are addressing the same problem but to different customers. The target audience or customers are not the same.
This is the best way to find your competitors. Then look for the size, product analysis, and marketing assessment of the competitors to find the areas they haven’t covered yet. Now that is going to be your pitch.
Determine what you are offering
Another important point that should be considered while making the Competition Analysis Strategies, what you are offering.
You must be thinking- “I know what I am offering”. Yes, you know what you are offering.
We mean to analyze what you are providing to your customers. Are you serving something that is adding value to their lives or not? If yes, then great. If no, then analyze where your competition is better. What he is offering and how to get the maximum results?
Get to know pricing and perks for the target audience
Think of yourself as a customer. Apart from the quality of the product or service, what else is going to fascinate you? The lesser price. Everyone is looking for the maximum value at the least possible price.
This is one of the most important elements of a competitive analysis strategy for business.
After finding your competition, understand their pricing strategy. Have a closer eye on what they are offering at what prices. Nowadays, businesses don’t mind giving perks to the customers for better promotion. They don’t consider charging for these perks as a result customers get attracted to such businesses and recommend the product to friends and family.
Make sure you have analyzed your competitor’s pricing strategies and prepared your strategy accordingly. Also, if they are not giving perks, you can do that and pull customers towards your business.
Have an eye on your competitors’ marketing tactics
I know, you have expected this point at the top. But it’s better late than never.
Marketing is the soul of a business and a very important component of competitive analysis for business (If you think, your marketing strategy is not that effective).
Marketing has the biggest room for experiments. One day you introduced a new technique of promoting your business, the next day your competitor will come up with something even better. So, if you want to outshine your competitors in terms of marketing, make sure you are keeping a vigilant eye on their marketing strategies.
Leave no stone unturned to come up with the best marketing tactics to attract customers to your business.
Try to crack the competitors’ marketing and profit-making code
We all love profits. Profit is the reason why everyone wants to become an entrepreneur. Higher sales and a better promotion guarantee profit. If you want to improve your sales, your promotion should be amazing.
You can always consider looking at your competitors’ marketing and profit-making code which is one of the Best Competition Analysis Strategies. You don’t have to cheat them or imply the same idea. You just need to have the knack to crack the competitors’ marketing and profit-making code. Understand their code, compare your code with them, analyze where you are lacking, and then develop the best marketing and profit-making code to outshine the market.
A great competition analysis strategy can help you in fetching their success codes and provide you with a chance of making necessary improvements in your strategies.
Ensure you meet product and shipping costs
Whether you are running an online business or both, it is advisable to meet product shipping costs. Very few businesses prefer bearing shipping costs. And if they offer free shipping, the minimum shopping cost is also high. Now here you can take advantage.
Either you bear the entire shipping cost or set low and reasonable minimum shopping. Trust me, your customer is going to fall in love with your business if you followed this.
I can bet, your competitor must be charging shipping costs from the customers. Take the advantage and send your products for zero rupees. You must be thinking this could affect your budget. At the initial level, yes you have to invest but once your product became popular, you can easily cover the shipping cost which is.
Understand their content strategy
When we talk about content, we are focusing on content available on the website and different social media platforms. Do you know content can make or break your reputation?
Before developing your content strategy, make sure you have analyzed the content of your competitor on the website and different social media presence. In short, before developing your content strategy, you can consider developing the best competition analysis strategy for better performance.
And by content we mean, written content, audio content, video content, visuals, social media captions everything. Don’t copy their idea. Try to come up with something even better to grab the attention of users.
Learn what technologies your competitor is using
Using the right technology is all you need for the operations department. Sometimes you may not understand why are you lagging. In that case, you can always consider checking the technology of your competition. Now, this is something really hard to find.
You have to develop extraordinary competition analysis strategies for businesses to extract information related to technology. You have to choose the most appropriate way to know about the technology used by your competitors.
Analyze their social media presence
Social media has become a king these days. An amazing social media presence can do wonders. Harnessing the powers of social media effectively can add a lot to your business.
You should not mind looking on your competitors’ social media accounts to check where you are lacking. No, we are not asking to copy their content. Just look at the way they have optimized their social media accounts across different platforms.
Look how they have presented their content and try to bring something unique, innovative, and better than the competitor.
Here is a tip. Keep your customers engaged through comments and stories. Consider conducting giveaway sessions for better engagement and connectivity.
Using social media in the right manner is more than necessary. Keep updating your account with the latest products, offers, and everything. Also, your content should be crispy as well as understandable. And it should be better than your competition.
Look For Gaps
Now you must have understood your competition. You are well aware of what they are offering at what prices. You know why your customers are liking their business more. You are apprised of their marketing and profit-making code.
You understand their content strategy. You know what technology they are using and how. You have got complete insights into your competitors’ business. The next step is to look for gaps.
Check where you are lacking and how you can perform better than your competition. This is the whole purpose of an amazing competitive analysis strategy for business.
Look for the loopholes in every area and then try your best to give the best shot in every area.
Conducting competitive analysis does not mean you have to steal their idea or copy them. It is prepared to understand why competition can attract more customers and where you are lacking. This is done to understand the market and look for opportunities to deliver great value to the customers.
Also, focusing on the right area is more than necessary. We know, we have repeated this point. But this should be imbibed in your minds that you don’t have to analyze each area of your competitors’ business. You have to assess and locate those areas that need to be examined and then analyze accordingly. This could help you in saving time, effort, and energy that you would have wasted otherwise.
some great tools for onlline Competition analysis and making best competition analysis strategies.