Understanding your competition in the market is vital for success as it will help your business stay ahead of the competition.
Here are some tips that will help you analyze the market and understand your competitors
1. Market research:
Market research helps your business understand various aspects of the marketing environment, including your competitors.
Market research refers to collecting and analyzing data to make informed decisions about your business.
You can hire external market research firm or conduct it internally by internal marketing staff.
Market research could be conducted on the field utilizing various tools such as surveys or could be desk research from existing information on the internet.
Your findings from your market research about your competitors will assist you in making decisions to win in the market.
2. Competitor analysis:
Profiling your competitors to find out what they do better than you in the market will help you with competition. You can analyze this by referring to their communication content, online materials or their pricings.
Analyze your findings to figure out what they are doing better than you, such as their pricing or customer service strategy. You can then use various marketing tactics to make sure you provide better services and products to mutual customers.
Analyzing your strength, weakness, opportunities and threats will help you find out where you stand in the market in relation to your competitors.
If you are planning your marketing strategy for your business, speak to our marketing professionals at Elby Marketing.
Chitty, W., Barker, N., Valos, M., Shimp, T., 2012. Integrated Marketing communication Asian pacific edition. 3rd ed. Australia: Macmillan publishing services.
Market Competition. (2008). ifo Institute for Economic Research, (16th edition), pp.2-5.
Anon, How Social Reputation Networks Interact with Competition in Anonymous Online Trading: An Experimental Study.