Competitor Analysis

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Competitor Analysis

Competitive analysis, as the name implies, is an exploration of the companies in a given industry sector or market niche that are competing with your company’s products or services for market share. The analysis may be an in-depth exploration of the top five competitors, or a larger number of competitors could be examined . In most cases, the client will have identified the target competitors for you.

Understand the competition

The primary benefits of any competitive analysis are a better understanding of what your competitors are doing, what they are offering to customers, and how to maintain your competitive advantage. The findings from this analysis are likely to factor strongly into your own company’s strategic planning. However, this is definitely not the only take-away from the process of analyzing competitors.

If you have no detailed analysis about your competitors strategy and techniques, it’s way harder to even try to beat them. A common approach in Internet marketing for many industries is to find out what the best do and try to adapt it but do it better!

Once you have grouped your competitors, you can start to analyze their strategies and identify the areas where they are most vulnerable. This can be done through an examination of your competitors' weaknesses and strengths. A competitor's strengths and weaknesses are usually based on the presence and absence of key assets and skills needed to compete in the market.

Advantages of competitor analysis:
  • Enables you to identify gaps in the market for products, services or initiatives.
  • Assists you to price your goods and services both competitively and strategically.
  • Might give you ideas for new technology and methodology that could be applied within your own organisation.

For more information or to get assistance with your competition analysis, please feel free to contact us!

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