14 Jul 2020 | 0
Business success heavily leans on the ability to stay ahead of the competitions. In fact, business competitors are considered to be the driving force for success by experts. Without your competitors, you would not have a road-map to follow. Thus, it is essential to study your competitors. You must know what they are doing and how they are faring in the market. The process of evaluating the competition should begin even before your business or product is launched. You should have a sound vision and knowledge of the people who are already there in the market. There are some important aspects of competitive evaluation that every business owner needs to know about.
Competitive Analysis and Marketing Plan
To succeed in business, you need to understand the uniqueness of your product or concept. Once you understand what makes you stand out, you would be able to play up the unique selling point to the potential customers. By evaluating your competitors and their products, you would be able to gain an understanding of uniqueness. You would be able to understand the aspects that the market is looking for. Once you acquire this knowledge, you can create your marketing plans.
The Identification Process
Competitive analysis or evaluating your competition is a lengthy process. You need to be willing to invest time in this. When you begin your market study, you would find two different types of competitors – the direct ones and the indirect ones.
- Direct competitors are easy to identify. These businesses provide a similar product or concept to the customers. In addition, these businesses operate from the same location. Therefore, these should be your first objects of analysis.
- The indirect competitors might be a little difficult to evaluate as they don’t sell a similar product or concept. However, their products can replace yours by satisfying the customers’ needs. When you are getting started your primary focus should be on your direct competitions.
Competitors’ Sales Strategy
How would you know about your competitors’ sales strategy? This question would have caused apprehension a decade ago. However, in this era of social media, you would not have to worry a bit. To understand the sales strategy of your competitors, you need to just snoop around their social media profiles. While this may seem like a low blow, you need to do this to create your own sales strategy. The successful businesses have full-time team to keep an eye on their competitors’ social media profiles. So, don’t shy away from this task.
Competitors’ Marketing Tools
What are they using to reach their customers? Do they run a blog? Do they turn to video marketing? You would have to find these out. If your competitors are blogging regularly, you need to add something extra to sway the customers to your side. To impress them, you can create a fusion of blog and podcast marketing. The idea here is to stand out and create engagement.
A brand must study the study the strategies of their competitors. The focal point here will be to observe how are they creating customer engagements. This insight, can help build their own strategy with ease.