The answer to the question “How to conduct a competitor analysis?” will not cause any difficulties if you follow a certain sequence of actions:
Defining rivals
The search for competitors is carried out in those channels where the business of your niche is presented:
in social networks;
in industry rankings;
on resources where reviews are left;
in search results, both organic and paid;
by analyzing competitors' internet traffic;
at thematic exhibitions and conferences;
with the help of free and paid sociological market research.
Defining the objectives of the analysis
Analysis of competitors' goals is botim database carried out in order to find working channels for promoting a product, evaluate its pricing mechanisms, positioning and loyalty programs. Knowing the goal is necessary in order to focus on the most important data and filter out unnecessary information.
Consumer survey
It is impossible to build a business promotion strategy using only competitor analysis. To do this, you need to know and understand the needs of the target audience, its expectations from a new product and competitors' reaction to marketing. Therefore, it is important to conduct customer surveys at all points of sale - stores, social networks, messengers, etc. The purpose of the survey is to study consumer sentiment, determine values and preferences, attitudes towards your and competitors' products. All the data obtained is systematized in a table or mindmap.
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Stages of competitor analysis
Below are ten stages of competitor product analysis described in detail. Depending on the company's field of activity and its marketing strategy, the number of stages may be increased or decreased.
Step 1: Identify the competitors' product range
At this step, each competitor's product and its quality are analyzed. Particular attention is paid to how pricing is carried out and what discounts are available to buyers.
Below are the main questions used when analyzing competitive products:
What costs do competitors bear in the production and sale of products - high or low?
How is the product sold – retail or only wholesale?
What market size does the organization occupy?
What are the needs of a company's "ideal clients"?
Are there any differences in pricing for offline stores and online outlets?
What makes the company different from other competitors?
How does the company sell its products?
Stage 2: Studying the implementation tactics and analyzing its results
To conduct a competitor sales analysis, the following points are determined:
How is the product sales process organized?
What channels do competitors use to sell?
Do your competitors have branches, and if so, what advantages does this provide?
Are competitors expanding/contracting?
Do competitors offer affiliate programs?
Why do customers not buy competitors' products?
What are your competitors' annual sales volumes and income levels?
Do other manufacturers often offer discounts on their products?
How engaged are their sales people in the process?
Answers to these questions are quite difficult to find. This is especially tru