How to do with competitive analysis?
Set up an edge over those competitors is the only part of the daily routine, but you have to ask yourself, how far you prepared to get an edge over your competitors? Find out what they offer was not always enough. Just simply knowing the occurrence of new software and technology, the business owners have the ability to find out more about their competitors than before. This is very important to get a routine assessment by doing a competitive analysis in order to keep you stay one step ahead. You can choose the best competitive analysis template based on your need. Here are some steps to complete the detailed competitive analysis.
Key features include in competitive analysis template
Lets we start about the key features or elements that you need to be included. When you make this analysis, then you have to include these key features or elements os that tour template effective and complete. As long as these elements were applicable to your company, then you have to add them in.
Making a complete list of your competitors first
Firstly and this is the most important to know, you have to get a list of your competitors means that you have to know your competitors. Collect all of the relevant and available information about those companies. Rack them by considering who the lead competitors some of them might be indirectly complete with your company, but since they offer same services and products which aimed to get same customer targets, then you have to write down their names as well. Also, you should not forget to include all of the information about those who have a plan to enter your market in a short time. After you are able to finish this job, then you are able to filter these companies provide you with a greater challenge.
Knowing product summary of competitors
You can conduct your research on all information related to the product, features, services, and their goals. Of course, this is very important to know their marketing strategy. The customer survey can be conducted by the trade press as a valuable tool in order to find out the satisfaction of customers about your competitors. Also, you are also able to ask your selling stuff for the same information. Because they are directly involved with customers, they can be the best source of information about your competitors.
Start to identify the market position of your competitors
By identifying their market positioning, you will start to feel the market demand and expectation. You are also able to check their official sites and marketing massaging, then you are able to ask as follow:
- How hey differentiating their products from their competitors? What kind of benefits or features that they give most highlight in their marketing copy?
- What makes their services or products unique based on their preference?
- What are customers actually can buy from them?
You should know that those questions will help you to understand for whom your competitors are actually selling and how they are positioning in the market. In order to collect information as much as you can, then you have to ensure that you subscribe and follow their blog, follow them on social media, sign up their newsletter. These things will help you to get a better understanding of their business and examples of communication. You are also able to feel in how to speak and serve their customers.
Identify their strengths and weakness
Always be objective in assessing the strengths and weakness of their products. You can assume a position as a competitor. Then you can ask some questions like why do people prefer to get their products? Why they are more successful in their sales and what kind of selling strategy that they use? And so on. There are some information sources to find out their strengths and weakness:
- Interviews with some consultants or journalists can be so useful
- You can observe their marketing strategies
- Do not forget to access their annual reports as the measurement of their progress will give you more information about their strengths and weakness
- You consider the competitor’s customers. Great salespeople are able to decide who they are and help you to get more information
All of those sources will involve a lot of hard work to finish the final picture of their strengths and weakness. You should know that the aim is always to nail down your competitors.
The prospect of market
It involves the recent status regarding success in the cornering your market. So, innovation will further its growth. You should know that all of the companies struggling to get the share of the market. This outlook from an analysis is really used as the measurement of trends. After you conduct your research, then you will get enough information to decide what the prospect really is. This analysis will serve you as a valuable source for your company and clients as well.
You should know that writing competitive analysis template will give your company information about how your competitors work, start from identifying products, strengths, and weakness. From here, your company is able to develop a marketing strategy to succeed in the competition.
Here some questions to ask first
To help you get a great analysis, then you have to ask some right questions. And you should know where to find the best answers to those questions as well. In this section, you will know some questions that you should consider.
What are their strengths?
You are able to identify some points where the competition is running well. You are able to ask them why there are performing well.
What are their weaknesses?
This time, you have to ask why the competitions fall related to your company and why do they struggling become more competitive with your company. From this point of view, it will give you the opportunities that you have to explore.
What are the marketing strategies that they use?
There are so many marketing strategies which been applied by companies in order to increase their customer base.
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