Competition is necessary. Now many people would agree and disagree with me on this. To edit my statement, healthy competition is necessary. Competition motivates you to move forward and be the best. This blog will help you to get you the Complete guide on competitor analysis.
In this virtual world, everything has a copy. Even with a copy write one can easily edit and use the content as their own.
Well, if we talk about your competitors, which may or may not be selling similar products as you. When was the last time you actually took out the time to look out for your competitors and probably do a competitor analysis?
Well, if you haven’t yet thought about it, this would be the perfect time to do so.
But before we proceed in knowing how to perform competitor analysis, let’s know what is competitor analysis.
What is competitor analysis?
A competitor analysis is a way to understand and know your competitors, perform detailed research about their products and services, their marketing strategies, etc.
By doing this, you can help your business by performing at the places your competitors lack. It can help you identify potential opportunities and have better marketing strategies.
Now let’s discuss how to perform competitor analysis…
The first and the foremost thing is to determine your competitors.
Firstly, you should know who your competitors are, and then only you can compare data and develop strategies.
You can categorize your competitors in two simple ways: direct and indirect competitors.
The direct competitors are those who sell similar products to you and it would be easier for the customers to make a switch when they find your competitor. You can compare all the factors that you think are similar between you and your competitor.
Indirect competitors are one that provides products that are not the same but could satisfy the same customer needs or solve the same problem.
Keeping these two kinds of competitors in records can help you develop better marketing strategies.
Research your competitors’ sales tactics
Look out for the answers to these questions:
- What is their sales process?
- What platforms are they most active on (both ways through sales and posts)
- Are they expanding to different platforms?
- Do they have partners who are reselling?
- How many times do they run sales and discounts, etc?
Finding the answers to these questions can help you understand your competitors’ sales strategy and what information you need to prepare your sales reps.
Look out for the offers
Offers and discounts are one of the major reasons a customer switches to a unique brand. If you are providing something at a higher price because of its perks etc, but your competitor is providing the same at a lower price, then remember the customer will not buy from you even though your quality is better.
The customers always look out for price tags and not quality (especially in online shopping). Keeping a track of offers and discounts or even the price of the same products by doing this you can understand your competitors’ strategy of pricing and probably come up with better strategies for your brand.
Look at the shipping cost
Are you aware that most of the failed shopping is performed in the cart? When one looks at the total amount and the added shipping cost, they discard their cart items.
Now you don’t want that, thus ensuring that your shipping cost is workable, and it doesn’t manipulate people to discard their cart items.
One of the major benefits that you can provide is free shipping if it’s feasible for your brand. Most of the time, even with minimum shipping charges, people cancel their orders, since they don’t want to pay the shipping charges.
Look out if your competitors are offering shipping charges or its free delivery.
Take a note of your competitor’s content strategy
Content is one of the most crucial marketing strategies. If you know what to post, then trust me, you are the king of social media. Everything runs on content and so does your business.
You should look at the quality and the quantity of content they post. Where their content is succeeding and where they lack. You can easily capture the audience of the platform they lack. if you want to build a place for yourself on the other platforms as well, then don’t try to steal their audience instead build your own.
And it’s a wrap
It’s crucial that you keep a track of what your competitors are doing to grow and succeed on different platforms. Keep a track of their activity, how well do they interact with their audience, etc.
You can keep these few questions in mind while stalking your competitors:
· Is there a visible bio attached to their articles?
· What tone do they use while approaching their customers?
· What is their Keyword density?
· How often do they post etc.
I hope this article helped you understand competitor analysis and how to perform it for your brand. In case you want some help in digital marketing and its attributes, then contact us at Digileap marketing services and get the experts at work.