Identifying Competitors: Competitive analysis begins with identifying the main competitors operating in a specific industry or market. These can include both direct competitors offering similar products or services, as well as indirect competitors who may satisfy the same customer needs in a different way.
Product/Service Analysis: This involves assessing the product or service offerings of competitive companies. A comparison is made based on features, benefits, quality, pricing, unique selling points (USPs), and innovations. It is also valuable to identify gaps in the competitors' offerings that can be leveraged as a competitive advantage.
Marketing Strategy Analysis: This includes studying the marketing and communication strategies of competitive companies. Elements such as market segmentation,target groups, brand positioning, distribution channels, promotion, and pricingstrategies are analyzed. The aim is to understand how competitors communicatewith customers and what competitive advantages they have in terms of marketing.
Strengths and Weaknesses Analysis: This involves identifying the strengths and weaknesses of competitive companies. Strengths are areas where competitors excel in the market and have a competitive edge. Weaknesses are areas where competitors are weaker or have limitations. This information is helpful in identifying gaps and opportunities for one's own brand.
Market Trends Analysis: As part of competitive analysis, it is valuable to track current market trends, changes in customer preferences, new technologies, legal regulations, and other external factors that may impact the market. This allows for a better understanding of market dynamics and adjusting the brand strategy to changing conditions.
Competitive analysis provides valuable insights that can be used to improve marketing strategies, identify market gaps, develop unique value propositions, and increase competitive advantage.
It also helps to better understand one's own strengths and weaknesses compared to the competition and provides insights into the competitive environment, which is essential for making business decisions.
Competitive Analysis is the process of researching and evaluating competitors in a given market or industry. It involves gathering, analyzing, and interpreting information about competitive companies, their products, strategies, strengths and weaknesses, and market trends. The goal of competitive analysis is to understand the competitive position of one's own brand and identify opportunities and threats arising from the competitive environment.
If you need this type of service, let's schedule a short, non-binding meeting to discuss in which area your company needs our support.