How to Do Competitor Analysis 2016 — Learn Competitive Analysis for Your Business [Step by Step]

This is a picture of Abstract stairs or steps concept on light green pastel color wall background Competitor Research and the 5 ways to use it by Octopus Competitive Intelligence helping you beat your competitor and increase sales. 7 Easy Steps on How to Perform a Competitor Analysis. Strategic Competitor Insights for Business Growth: 5 Ways to Leverage. How to Do Competitor Analysis 2016 — Learn Competitive Analysis for Your Business [Step by Step]

How to Do Competitor Analysis 2016 — Learn Competitive Analysis for Your Business [Step by Step]

Understanding your competitors is as crucial as knowing your customers in the dynamic business world. Competitor analysis gives you a strategic edge and helps you anticipate market trends. This article will walk you through conducting a comprehensive competitor analysis in 2016.

Understanding Competitor Analysis

Competitor analysis is a strategic method businesses use to identify significant competitors and research their products, sales, and marketing strategies. By doing so, you can create robust business strategies that improve upon what your competitors are doing.

Why is Competitor Analysis Important?

Competitor analysis offers several benefits:

1. It helps identify your competition’s strengths and weaknesses.

2. It provides an understanding of potential opportunities and threats.

3. It enables you to anticipate your competitor’s strategy.

4. It helps you differentiate yourself from your competitors.

Now that we understand the importance of competitor analysis, let’s delve into how to conduct one.

Step-by-Step Guide to Conducting Competitor Analysis

Step 1: Identify Your Competitors

The first step in a competitor analysis is identifying who your competitors are. You can categorize them into two groups: direct competitors (those who offer a similar product or service in the same market) and indirect competitors (those who offer slightly different products or services but could satisfy the same need).

Step 2: Analyse Your Competitors’ Market Positioning

Once you’ve identified your competitors, analyze their market positioning. Understand how they differentiate themselves from others in the industry. Look at their unique selling proposition (USP), target audience, pricing strategy, and marketing tactics.

Read More: Mastering Competitive Benchmarking: A Comprehensive Guide for Success

Step 3: Review Their Product or Service Offering

Next, please take a close look at what they’re selling. What features do their products have? What do they offer that you don’t? Understanding your competitor’s product offering can help you identify gaps in your product or service.

Step 4: Analyse Their Marketing Strategy

Investigate how your competitors are marketing their products. Look at their online presence, social media activity, content marketing efforts, SEO strategies, and any other marketing tactics they’re using. This will give you a sense of what’s working for them and what isn’t.

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Step 5: Look at Their Sales Strategy

Finally, consider their sales strategy. How do they price their products? What sales channels do they use? How do they handle customer service? This information can help you refine your own sales strategy.

Tools for Competitor Analysis

There are several tools available that can aid in competitor analysis. Some of the most popular include:

1. SEMRush: This tool provides data on your competitor’s SEO strategies, keyword rankings, backlink profiles, and more.

2. Ahrefs: Ahrefs is another excellent tool for analyzing a competitor’s website and SEO strategy.

3. SimilarWeb: This tool offers insights into your competitors’ web traffic and engagement metrics.

4. Social Blade: If you want to analyze a competitor’s social media presence, Social Blade offers comprehensive analytics for platforms like YouTube, Instagram, Twitter, etc.

How to Do Competitor Analysis 2016 — Learn Competitive Analysis for Your Business [Step by Step]

Competitor analysis is a critical part of strategic planning in any business. It helps you understand the competitive landscape and identify opportunities for growth and differentiation. Remember that competitor analysis is not a one-time task but an ongoing process that needs to be updated as market conditions change. By continually monitoring your competitors’ activities and adjusting your strategies accordingly, you can stay ahead of the curve and maintain a competitive edge in 2016 and beyond.

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