And no, you can’t ignore it if you want to succeed in Today’s marketplace!
How do you weigh against your competitors?
When it comes to online sales and marketing, no brand wants to be left behind. Staying updated
and savvy is the name of the game, and your competitors are working hard to get ahead of you,
to capture the audience which could’ve been yours.
If your competition is so serious about succeeding and investing in research, there’s no reason
why your company should stay passive. But before you start planning your next big moves, you
need a clear and accurate picture of how companies similar to yours are performing - and more
importantly, what they’re currently upto.
Studying, researching and gathering intel about your competitors is called competitor analysis,
and it forms the basis upon which you’ll assess your brand’s strength, weaknesses and
opportunities relative to your competitive landscape before formulating a marketing plan.
Which means, acquiring more insights about your competition can help you rise to a dominant
position and ensure your campaign's overall success.
Let’s go through some key objectives and reasons why your company should conduct competitor analysis:
It helps you find out the strengths and weaknesses of rival brands, and uncover marketing opportunities to differentiate your brand with authenticity.
You can learn from the mistakes and failures of other brands, and devise ways to outperform them by avoiding the obvious speed bumps.
Effective analysis can shed light on tactics and strategies your competitors are/have been using in their marketing campaigns, helping you formulate better strategies for your organization to grow and increase its market share.
It allows your brand to make data-driven decisions by choosing the right metrics and tracking your performance against competing brands.
You can foresee threats and challenges other brands pose, and stay alert for their future advancements, while simultaneously strengthening and refining your marketing strategy.
Spotting existing and upcoming trends becomes easier, which is especially helpful when your company is planning to diversify and expand into other segments.
To sum up, analyzing your competitors can increase your chances at succeeding in the digital
and offline marketplace. A well thought out analysis can open up new avenues for your
business and boost your company’s profitability, growth and public perception.