Some companies just have it easy. Like Starbucks, they’ve always been atop the coffee world, haven’t they? Nope. Even Starbucks experienced setbacks, and if they can come all the way back to where they are today, your business can too.
One of the biggest differences between Malta Phone Number an industry’s top-performing brands and those that are a little further behind, is how much they are paying attention to the marketplace and the needs of their customers. Top brands keep a close eye on their competitive landscape and are conducting regular competitive analysis on their business to help them evolve, pivot and stay ahead.
The Business Benefits of Competitive Research
It is important to understand the strengths Malta Phone Number and weaknesses of your competitor and compare them to those of your own company and then find a gap in your market. A competitive analysis is important because it will help you enhance your own business strategy. A competitive analysis should include your competitors’ features, market share, pricing, marketing, differentiators, strengths, weaknesses, geography, culture and customer reviews. Doing a competitive analysis throughout the lifecycle of your company is important to stay up to date with the market trends and product offerings. A competitive analysis will give you a better idea of what services are currently available to your target market, and what ideas are being neglected.
Still not sold on competitive research being something you should focus on? Here are some of the main benefits it can deliver to your business:
1. Better Understanding of Your Market Conditions
However, especially as google works on more potential partnerships with other social media apps. Bookmarks and apps. Thanks mostly to personal digital assistants. However, the apps and bookmarks you have stored on your device and browser can influence the types of results you receive in search. A perfect example of this is app deep linking; under the right conditions. However, you may encounter a link in your search results that leads to the interior page of an app that you have downloaded on your device.
- Online research, which entails using existing information from the internet;
- Field research where you collect information using questionnaires and surveys; and,
- Third-party research, in which you consultant market research conducted by other commercial agencies or firms.
Assess what your competitors have to offer and analyze what they do better than you. Ask yourself if they offer more value than you. Do they meet the needs of their customers better than you meet the needs of yours? Are their products, services and experiences a higher quality than yours? These are some of the questions you can ask yourself in order to see where you can improve your company.
2. Identify Strengths and Weaknesses
A good competitive analysis helps you to identify your strengths and weaknesses relative to direct and indirect competitors because competition can come from anywhere. To achieve and maintain a competitive advantage in reaching and selling to your target market, you must have a thorough understanding of who your top competitors are and who you may be losing business to (either currently or in the future). An in-depth competitive analysis will provide you with the following business intelligence:
1. An understanding of how your existing and potential customers rate the competition
2. Positive identification of your competitor’s strengths and weaknesses (and how you compare against them)
3. A mechanism to develop effective competitive strategies in your target market