Competitor analysis: here’s what you can find out about your competitors (and why it helps you rout them)

What information we can uncover with competitive analysis and why it is a key process for routing competing companies.

The main goal of any company, whether new or established, is to grow, make its way in the market, and rout competitors as quickly as possible. Of course.

As it goes without saying that it takes many different tools to accomplish this, depending on the type of company, the target industry and, of course, the people in it. Yet there is a decisive tool that is applicable to all companies:competitive analysis.

And if you, too, are thinking of requesting a competitor analysis from amarket research agency, before you do so it is good to clarify what you can actually find out with this survey.

Today we want to talk to you precisely about the answers you can get fromcompetitive analysis and the usefulness of this procedure for the growth of your brand.

Are you ready? Then settle down on the couch and put on your glasses-we’re about to start!

Why is competitive analysis critical for your business?

Whatever your target market, competing companies are your worst enemy when it comes to growing your brand and acquiring customers. And as we just saw in the video above, no one-just no one-can afford the luxury of saying, “I have no competitors.”

Do you know that an enlightened manager like Arie de Geus already several years ago highlighted competitive analysis as the fundamental tool for success when he stated:

“The only sustainable competitive advantage is the ability to learn more in haste than the competition.”

And what is the only way to accomplish this but competitive analysis itself?

Mind you: this is the most effective tool to be able to identify the main competitors, know their real strengths and weaknesses. And therefore, act accordingly.

How can you get all this vital information in such a timely and precise way? Thanks toonline Big Data analysis of course!

Let us see, below, what data we can acquire during this process.

1) Know who your main competitors are: here is the first step of competitive analysis.

First,competitive analysis allows us to answer precisely your question, “Who are my main competitors?”

It is necessary to constantly update this information, because in the target market competitors spring up and grow like mushrooms. Not only those who already operate in your industry, but companies who are about to do so directly or indirectly with their products and services.

Those that are not threats in 2021 may become threats in 2022. Only that knowing this in aniticipation, without data, is simply impossible.

Thesketch of your competitors is essential to properly manage all the information about their products and services and how they communicate with their potential customers who are then also your…

Read also: The quantitative and qualitative analysis phase in social media listening

2) What is the reputation of your competitors based on the opinion of target customers? Competitor analysis tells us this.

Understanding exactly what your customers think about competing companies and their products is critical to investigating why certain competitors are more/less valued than your company.

Having this kind of awareness enables you to act accordingly, improving key aspects of your business.

For example, you might choose to change the way you communicate with customers, update your brand’s products or services, and more.

Knowing what your competitors’ reputation is allows you to know their position in the market and compare it with your company’s.

3) Competitor analysis reveals to you the real position of your competitors in your target market (to strengthen your own).

This information is also critical for companies and in high demand during our market research. In fact, knowing the position of competitors in the target market allows us to compare it with that of your brand.

This is a basic input to be able to improve your company’s business and positioning strategies… After investigating about those of the competitors.

4) Know the marketing strategies of competitors (both successful and unsuccessful).

Among the most useful information we can obtain during competitor analysis are the marketing strategies adopted to attract customers and establish ourselves in the target market.

Using powerful software and tools for web intelligence, SEO intelligence and social listening, we can understand:

• What are your clients’ marketing strategies (during the quantitative analysis phase)
• Understand which strategies have worked and which have failed, and understand why (during the qualitative market analysis phase)

This will enable you to be inspired by your competitors’ winning strategies, further improving them, and avoid in advance the mistakes given by adopting the wrong strategies.

For example, you can learn about the channels used to intercept customers, the methods used to communicate with them, the strategies used to attract consumers… And lots and lots of other information salient to your business.

5) Your competitors’ website? It is no longer a secret thanks to online Big Data analytics.

Everyone can browse and consult the Web sites of your competitors. But only those in possession of the data can know:

• How much traffic does the competition have on both the website and social media?
• Through what sources and Queries do customers find competitors on the web?
• What is the backlink profile of your competitors?
• What are the strategies used by competitors to attract organic and paid traffic?
• What is the authority of your competitors on Google?

Wouldn’t you like to get this information about one or more of your main competitors?

Imagine how you could use this data to your company’s advantage to improve your online strategies and beyond.

Read also: Statistical sample used in market research: here’s why it is now obsolete

In conclusion

As we have just seen, the main goals you can achieve through a competitive analysis are:

• Study the market scenario.
• Forecasting supply and demand.
• Reformulate and improve your business and marketing strategies.
• Recognizing opportunities and threats.
• Calculate the next moves of your competitors.
• Redefining business goals.

Today we told you about the key information you can learn fromcompetitive analysis based on marketing intelligence and the study of Big Data online. They are not the only ones…

Do you want to know more?

Contact us now for a free initial consultation.