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Competitor Analysis

This document provides guidance on conducting a competitor analysis. It explains that a competitor analysis identifies a company's competitors and researches their products, sales, and marketing strategies to help develop improved business strategies. The document then outlines nine specific steps to conduct an effective competitor analysis, including determining competitors, analyzing products and pricing, sales tactics and results, marketing approaches, content strategies, and performing a SWOT analysis. It also briefly discusses price competition versus non-price competition.

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jayric tabora
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412 views4 pages

Competitor Analysis

This document provides guidance on conducting a competitor analysis. It explains that a competitor analysis identifies a company's competitors and researches their products, sales, and marketing strategies to help develop improved business strategies. The document then outlines nine specific steps to conduct an effective competitor analysis, including determining competitors, analyzing products and pricing, sales tactics and results, marketing approaches, content strategies, and performing a SWOT analysis. It also briefly discusses price competition versus non-price competition.

Uploaded by

jayric tabora
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Competitor Analysis Jay Ric SG.

Tabora (MBA 4A)

A competitor analysis is a strategy where you identify major competitors and research their products,
sales, and marketing strategies. By doing this, you can create solid business strategies that improve upon
your competitor's.

Competitor Analysis in Marketing

Every brand can benefit from regular competitor analysis. By performing a competitor analysis, you'll be
able to:

 Identify gaps in the market


 Develop new products and services
 Uncover market trends
 Market and sell more effectively

How to Conduct Competitor Analysis

1. Determine who your competitors are.


2. Determine what products your competitors offer.
3. Research your competitors’ sales tactics and results.
4. Analyze how your competitors market their products.
5. Take note of your competition's content strategy.
6. Analyze the level of engagement on your competitor's content.
7. Observe how they promote marketing content.
8. Look at their social media presence, strategies, and go-to platforms
9. Perform a SWOT Analysis to learn their strengths, weaknesses, opportunities, and threats.

1. Determine who your competitors are.

First, you'll need to figure out who you're really competing with so you can compare the data accurately.
What works in a business similar to yours may not work for your brand.

So how can you do this?

Divide your “competitors” into two categories: direct and indirect.

Direct competitors are businesses that offer a product or service that could pass as a similar substitute
for yours, and that operate in your same geographic area.

On the flip side, an indirect competitor is one that provides products that are not the same but could
satisfy the same customer need or solve the same problem.

2. Determine what products your competitors offer.

At the heart of any business is its product or service, which is what makes this a good place to start.

You'll want to analyze your competitor's complete product line and the quality of the products or
services they're offering. You should also take note of their pricing and any discounts they're offering
customers.
Some questions to consider include:

 Are they a low-cost or high-cost provider?


 Are they working mainly volume sales or one-o purchases?
 What is their market share?
 What are characteristics and needs of their ideal customers?
 Are they using different pricing strategies for online purchases versus brick and mortar?
 How does the company differentiate itself from its competitors?
 How do they distribute their products/services?

3. Research your competitors sales tactics and results.

Running a sales analysis of your competitors can be a bit tricky.

You'll want to track down the answers to questions such as:

 What does the sales process look like?


 What channels are they selling through?
 Do they have multiple locations and how does this give them an advantage?
 Are they expanding? Scaling down?
 Do they have partner reselling programs?
 What are their customers reasons for not buying? For ending their relationship with the
company?
 What are their revenues each year? What about total sales volume?
 Do they regularly discount their products or services?
 How involved is a salesperson in the process?

4. Analyze how your competitors market their products.

Analyzing your competitor's website is the fastest way to gauge their marketing efforts. Take note of any
of the following items and copy down the specific URL for future reference:

 Do they have a blog?


 Are they creating whitepapers or ebooks?
 Do they post videos or webinars?
 Do they have a podcast?
 Are they using static visual content such as infographics and cartoons?
 What about slide decks?
 Do they have a FAQs section?
 Are there featured articles?
 Do you see press releases?
 Do they have a media kit?
 What about case studies?
 Do they publish buying guides and data sheets?

What online and offline advertising campaigns are they running?

5. Take note of your competition's content strategy.


When analyzing your competitor's content, consider the following questions:

 How accurate is their content?


 Are spelling or grammar errors present?
 How in-depth does their content go? (Is it introductory level that just scratches the surface or
more advanced topics with high-level ideas?)
 What tone do they use?
 Is the content structured for readability? (Are they using bullet points, bold headings, and
numbered lists?)
 Is their content free and available to anyone or do their readers need to opt-in?
 Who is writing their content? (In-house team? One person? Multiple contributors?)
 Is there a visible byline or bio attached to their articles?
 As you continue to scan the content, pay attention to the photos and imagery your competitors
are using.

6. Analyze the level of engagement on your competitor's content.

To gauge how engaging your competitor's content is to their readers, you'll need to see how their target
audience responds to what they're posting.

 Check the average number of comments, shares, and likes on your competitor's content and
find out if:
 Certain topics resonate better than others
 The comments are negative, positive, or a mix
 People are tweeting about specific topics more than others
 Readers respond better to Facebook updates about certain content
 Don't forget to note if your competitor categorizes their content using tags, and if they have
social media follow and share buttons attached to each piece of content. Both of these will a ect
engagement activity.

7. Observe how they promote their marketing content.

The following questions can also help you prioritize and focus on what to pay attention to:

 Which keywords are your competitors focusing on that you still haven't tapped into?
 What content of theirs is highly shared and linked to? How does your content compare?
 Which social media platforms is your target audience using and the most active on?
 What other sites are linking back to your competitor's site, but not yours?
 Who else is sharing what your competitors are publishing?
 Who is referring traffic to your competitor's site?

8. Look at their social media presence, strategies, and go-to platforms

The last area you'll want to evaluate when it comes to marketing is your competitor's social media
presence and engagement rates.
How does your competition drive engagement with their brand through social media? Do you see social
sharing buttons with each article? Does your competitor have links to their social media channels in the
header, footer, or somewhere else? Are these clearly visible? Do they use calls-to-action with these
buttons?

 Facebook
 Twitter
 Instagram
 Snapchat
 LinkedIn
 YouTube
 Pinterest

9. Perform a SWOT Analysis to learn their strengths, weaknesses, opportunities, and threats

As you evaluate each component in your competitor analysis (business, sales, and marketing), get into
the habit of performing a simplified SWOT analysis at the same time.

This means you'll take note of your competitor's strengths, weaknesses, opportunities, and threats any
time you assess an overall grade.

Some questions to get you started include:

 What is your competitor doing really well with? (Products, content marketing, social
 media, etc.)
 Where does your competitor have the advantage over your brand?
 What is the weakest area for your competitor?
 Where does your brand have the advantage over your competitor?
 What could they do better with?
 In what areas would you consider this competitor as a threat?
 Are there opportunities in the market that your competitor has identified?

Price Competition

Price Competition is the process of selecting strategic price points to best take advantage of a product or
service based market relative to competition. This pricing method is used more often by businesses
selling similar products since services can vary from business to business, while the attributes of a
product remain similar.

Non-price Competition

Focuses on the factors other than the price of the product. In non-price competition, customers cannot
be easily lured by lower prices as their preferences are focused on various factors, such as features,
quality, service, and promotion.

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