Competitive Intelligence. Written by Susanne Morris. Get This Toolkit. Content Title Description Read More. Previous page. Next page. Marketing What channels do they use to market these products? Do they use social media? If so, then how are they using it? Look at content, followers, activity and engagement. Do they have marketing materials like a podcast, webinar, blogs, eBooks or anything else? What campaigns are they running? Is this something you can replicate or do better?
What tone of voice do they use? Technology What is their website made with you can use the tool Built With to identify this Is their website easy to use? What is their website page speed like? What other sites are linking back to your competitor's site, but not yours? Customers Do customers engage with them? How do they communicate?
What sort of content do they respond well to? What platforms are they using to engage? Concluding Remarks In an ever-changing industry, there are always new innovative ways to expand your strategy to stay ahead of your competitors as well as keeping the attention of your customers. About the author. Share on social media. Stay up to date with our latest articles Stay up to date with our latest articles and recent project information, enter your details below to subscribe.
Indicate with a check mark which of your competitors has which features and benefits. Benefits, on the other hand, are not as simple and should only be recorded based on customer feedback. Ask yourself, How does your product compare to your closest competitors? What features and benefits are unique to your product? To theirs? The more unique features and benefits your product has, the stronger your market position will be.
The most widely used measure of sales performance is market share. A competitor may not provide the best product or service; however, if they generate a significant amount of sales to the market, they may:. Customer preference is only part of the analysis. Consider other important factors such as:. By now it should be fairly clear to you if you are a market leader, one of several followers, or new to your marketplace. Once you have identified and analyzed your competition, and understand your competitive position, you are ready to do the following:.
You'll get information from customers and suppliers. You'll take a look at their websites from time to time. It's also common to not want to directly copy your competitors, as you're focused on being better and doing things differently. Most businesses end up looking at their marketing and growth planning from an internal perspective. Yes it's important to understand what your competitors are doing better than you. It's even more important to put yourself in your customers' shoes and look at things from their perspective.
We'll go into more detail on how to run a competitor analysis in a future post. In this post, we'll outline a couple of important steps to take before you get stuck into your competitor analysis. The first place to start is by creating your customer personas. These are descriptions of the people in the roles involved in the decision making for the product or service you are selling. When you have this you'll need to understand each of the personas involved in a typical sale.
If you already have personas created for your business, read them and refresh your memory before starting with your competitor analysis. If you haven't already created your personas, then work on creating them before running the competitor review. If you want to put yourself in their shoes, you need to understand them. Understand their challenges, why they'd say yes to you, and what stops them buying from you.
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