Uncover how a competitor analysis can be the key to unlocking your business’ true potential!
GET AHEAD OF YOUR COMPETITORS AND BOOST YOUR BUSINESS
Need to know who the competition is and how they market their product or service? Our competitor analysis will provide you with the insight needed for identifying opponents in your particular industry, as well as leveraging key strategies from those competitors.
establish growth benchmarks
To get the most out of your competitor analysis, it’s important to compare apples with oranges – literally. Getting insights from both established industry leaders and budding upstarts can provide a well-rounded view into success in your arena; you’ll gain perspective on where potential opportunities lie and be aware of future threats before they arise.
recognize your company's strengths and weaknesses
By researching how your competition is perceived, you gain invaluable insight into the unique advantages of your own brand. Leveraging these strengths to create a clear message about what sets yours apart from other products or services can ensure that potential customers are aware this choice offers something special above all else. Discovering and then capitalizing on these core assets will strengthen customer loyalty and education – essential steps for success in any market!
BUTTON DOWN ON INDUSTRY TRENDS
By observing your competition, you can stay ahead of the trend and understand which direction the industry is taking. Dig deep and ask yourself how you can offer something unique that will satisfy your customer’s needs.
UTILIZE THE MARKETING MIX
Its important to know your competitors marketing strategies. The Marketing Mix aka the 7 P’s- Product, Price, Promotion, Place, Process, People and Physical Evidence- is a foundation model for businesses to get a grasp on the necessary elements for bringing a product to the market. Use this tool to set objectives and provide a roadmap for your business objectives! Ask yourself the following questions:
How can you develop your products or service?
To take your product to the next level, consider how an outside perspective might view it. Ask yourself if you're offering customers what they need today and whether or not there is competition in the market that could put yours at a disadvantage. With this information, evaluate ways to make sure your product stands out from its competitors!
What kind of pricing model do you use?
Don't be afraid to review aspects of your sales and marketing strategies that seem challenging. If the market is shifting, evaluate how pricing might need updating in order to keep up with competition and ensure success both now and down the line. With an open mind, businesses can stay agile enough to take advantage of any opportunities they encounter along the way.
How do you get the word out about your product or service?
Thinking in terms of promotion is essential for successful sales and marketing. Take the time to explore new methods for sharing your offerings with prospective customers, then craft a strategy that fits their needs. With this approach you’re sure to increase your visibility with potential buyers!
Where do you sell your product?
The fourth P in the marketing mix is the place in which you sell your product or service. As a business owner you must make the right choice about what location is best for your customers. The product should be available from where your target consumer finds it easiest to shop.
Are there internal process barriers in the way to delivering the best customer value?
When it comes to providing exceptional customer experiences, your processes should be a priority. Streamlining and refining overlapping procedures can help keep staff focused on customers rather than bogged down in cumbersome navigation—which leads directly to personalized service that truly stands out!
Who are your people and are they in alignment with your company culture?
To ensure outstanding customer experiences, it's important to recruit the best people throughout your organization - not just those in direct contact with customers. From sales and service representatives all the way up to management roles, make sure you have a team of top performers that will help create memorable interactions for each client!
Are your providing tangible cues of the quality of experience that your company is offering?
Providing a seamless and enjoyable customer experience can be the difference between success or failure of your product or service. Ensure that from start to finish, each interaction with customers leaves an impression that will keep them coming back for more!
Finding out how your competition plays the game is only half the battle. Make use of that valuable knowledge and leverage all you’ve learned in order to craft a winning strategy and ensure your own success – Get a competitor analysis NOW!
Why do a competitor analysis?
You will get a better understanding of your market and will be able to visually analyze your biggest competitors strengths and weaknesses.
How does competitor analysis help improve my marketing strategy based on the 7 P's of the marketing mix?
Competitor analysis allows you to identify strengths and weaknesses in your competition’s marketing mix (Product, Price, Place, Promotion, People, Process, and Physical Evidence), enabling you to make informed decisions, optimize your own mix, and gain a competitive edge.
How can identifying my company's strengths and weaknesses help improve business performance?
Recognizing your company’s strengths and weaknesses allows you to allocate resources efficiently, capitalize on your strengths, address shortcomings, and make strategic decisions that enhance overall performance and competitiveness.
Why is it important for businesses to stay updated on industry trends?
Keeping up with industry trends is crucial for businesses to remain competitive, adapt to market changes, identify emerging opportunities, and meet evolving customer needs. Staying informed on trends allows businesses to make proactive decisions, innovate, and maintain a strong position in the market.