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For better understanding and analysing of competition. You need to do survey for your product quality, demand, pricing and cosumer satisfaction. You can compare the products in depth to understand the weak points to improve them in competition. Customer always keen to buy the quality in reasonable pricing. If the competitors are producing such things in better quality so why dont you. Products material and Sales survey give you an authentic idea to increase you quality for the best competition.
Several techniques can used in analysing competition for instance;
Competitor array
Competitor ptofiling
Media scanning
New competitor estimation & anticipating.
Thanx for the invitation
One of the most effective ways to analyze the competition is to take a deep look at the market surrounding you/your company. What companies are within your industry that are direct competitors? How effecient are these companies with production/promotion/operations? Do these companies have marketing strategies in place that are more tactical and strategic than your own? Who is their target market(s)? What are their market demographics?
If you can answer all of these questions, then you have done your research and are now ready to identify exactly what kind of competitor you have surrounding you in your industry. You can analyze the competition even further by understanding their main function(s). There is no specific tool for analyzing the comopetition, but if you do want to make it quick, there is always statistics and prior market analysis that have been put together by business executives and consultants within your specified industry. For example, if you operate in the automotive industry and you're looking to open a dealership, you need to look at the other dealerships that are within a 50 km radius of the shop you intend to open. How successful are they? What type of clients do they attract? What is their marketing strategy? Do they offer better prices than you do? Who are their clients? You can get answers to the questions above by simply requesting a copy of an existing marketing analysis from business consultants. As a business consultant myself, I can honestly say that sometimes it isn't enough to analyze the competition just once. You need to keep an eye out for the competition on a regular basis. Successful companies will check in on their competition quarterly. That means that by the end of each quarter throughout the year, they are requesting financial reports of the competition, comparing it to that of their own, and then implementing a better financial, marketing, and advertising strategy for next quarter.
Smart companies know when it's time to stop analyzing the competition and start focusing on their own business. It is sometimes counterproductive to analyze the competition outside of it's financial and marketing aspects. Those are definitely the most important and probably the only aspects of the competition you should be analyzing. However, what companies hide from the competition is the competencies of the individuals that work within it. No other company will know what your company has to offer in regards to intellectual property.
If you don't quite understand what I mean by "intellectual property", I'm talking about your employees's "smarts" and their abilities. What do your employees know that other companies' employees don't? What soft skills do they have that are unique to your company and no other? Do they offer more work experience, or more educational experience?
Analyzing the competition can go as deep and detailed as you want it to, it's just a matter of what is most important to you and your company when it comes to success. Do you want to get their faster, or do you want to stay at the top the longest?
Via Marketing Competitor Analysis, to assess the Strengths and Weaknesses of competitors and find out what situations provide opportunities and threats for us within our market, identify service gaps and areas for self improvement thereby promoting our value proposition.
site the competitors strength and make sure to be stronger than them
There are seval ways and technique to analyze competition, Experts already explain well
Basically there are two ways in doing this, by identifying your current competitors as well as identifying your potential future competitors.
By looking at your competitors point of view -this would help you understand and analyze their firm. Understand their weaknesses and analyze how you would compensate for them.
Put your self in the customer's shoes and understand why you would go for them instead of buying your own. Think like a customer. By looking at your competitors from a customer's point of view -this would be your strenght.
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Collect full information on the competitive market (companies) regarding their products in terms of quality - price - marketing sites then we can analyze the competition *
Agree with expert ansewrs above
Competition analysis – How to do it effectively Taking a sneak peek at competitors requires a little undercover work from the safety of your desk, and we are not talking about corporate espionage or anything. As fellow digital natives, I feel it’d be great idea to share my favorite competitive marketing analysis tools. We love marketing tool compilations, don’t we? 1. Dig their keyword prioritization – Dissect what your rivals are targeting and why. Look for those hidden keyword prioritization patterns and compare with yours. Dig deep and improvise to beat the rival opposition at their game. Keywords can be identified and worked using SEMRush, SuggestMtrx, Ubersuggest or SEOchat, amongst others. 2. Breakdown competition’s rankings – Something very important for in-depth comparison and easy to monitor. My favorite tools for the purpose are Authority labs, SERPs, Positionly, for their comprehensive filters and direct comparison. 3. Monitor their online reputation and visibility on search engines – It gets difficult if the competition works globally and you don’t. Other than that, reputation can be monitored with some brilliant tools like MOZ ToolbarSERP overlay view, OpenSiteExplorer, CognitiveSEO and MajesticSEO, for simple link data analysis and customizable reports. The 6 step competitive analysis checklist Avinash Kaushik has a fantastic piece dedicated at web data analysis, which I personally have extrapolated to execute a full-blown competitive analysis mix. Avinash has effortlessly broken down the web data analysis into ten simple steps. I use 6 of them. Here are the steps for analyzing your competition. Step #1: Visit the website. Make notes and focus on both good and bad items. Step #2: How good is the acquisition strategy? Breakdown and analyze direct, organic, referral and other traffic sources to find what’s working for them and what’s not. Step #3: What is broken and fixable? Look for problem areas – low performing landing pages, bounce rates, etc. Here’s another 25 point website usability checklist by Avinash for you. Step #4: Are they doing content marketing, is it producing results? Identify and drill down their content strategy. Check what’s attracting social shares and what’s lying unutilized in the bottom fold. Step #5: What of the marketing budget? Ideas for marketing budgets can be guessed from your rivals’ paid campaigns, be it Google Adwords or Facebook pay-per-click. Further, a simple comparison with your marketing campaigns would shed light on the campaign budget of your rivals. Step #6: Unknown variables working in tandem or against business goals? Search and discover areas that your competitors are exploiting well. It could be a service gap, untapped audience section or anything that is bolstering your rival’s industry footing. Make a note of it and start working at your end.
Before you start with competition, deep dive & really undestand what you are offering (product / service) & than start to benchmark vs. what is there in the market (price, quality, time)
