What is a competitive analysis?
The advancement of selling research concept in this field concerns the utilization of such measures of examining the rivals’ projects:
- Major opponents identification.
- To classify the foremost opponent parameters.
- Ambitious rate and merchandise offer inquiry.
- To study the trade channels.
- Studying brand portfolio.
- Learning advertising tactics.
- To inquiry activity of progression and purchasing.
Competitive analysis benefits
Equipped with data about the benefits together with the faults of rivals, the customer can build a truly effective strategy for promoting their own goods.
Knowledge of the pros together with cons of their own merchandise, as well as rival counterparts, makes it possible to anticipate and eliminate possible objections from possible buyers.
The latest developments are used for the breakdown. The methods selection relies only on the task, and not on the extent of the customer’s knowledge.
After the assessment and monitoring rival prices, an understanding of how the company’s product assortment differs from its opponents appears, what methods to attract consumers are applied, and how prices are formed.
When is competitive analysis services needed?
The primary function of a competitive analysis of any enterprise or business is to obtain sufficient data related to the ups and downs of a rival, his maneuvering, intentions, and opportunities to increase the effectiveness of his own actions.
A comparative evaluation of rivals in the industry can be carried out in prominent detail (up to predicting the behavior of rivals for several years ahead) and can be carried out sufficiently succinctly to solve short-term problems. Possible situations in which an aggressive environment assessment is required:
- selling plan development, product positioning
- sales plan forecasting
- merchandise assortment and management development
- pricing of goods
- merchandise development: the choice of properties and key commodity features
- improvement of commodity advertisement tactics
Competitive analysis consist of these central components:
- Grocery— discovering the necessities, possibilities, and ins and outs of the most recent (new) goods joining the market of rival companies; analyzing their commodities categorization and their principal characteristics, a set of marks in the merchandise portfolio; examination of various solutions (specifically, the ones related to packaging, packaging in design, material, etc.) in the distinct stages framework of the merchandise life cycle.
- Cost— the scope of the rivalry cost procedures principles and the selection of cost methods by rivals, detailed competitive analysis cost, and study of cost plans, assessment of the incorporated rate of return degree, choosing cost payment and every part assessment in the total net sales.
- Communication— business communications system estimation of rivals in the fields of drawing the attention of high-performance work resources, enhancing the supply of primary resources and retailing of ready goods, commerce, promotion, public relations, and so on.; identify selling plans, methods, concepts, review of their productiveness.
- Selling— knowing a rival’s negotiations strategy, examining the fundamentals of negotiations policy and means to execute it, studying product delivery courses, means to manage them, and reviewing their level of productivity. Selling aggressive study renders the examination of the rival’s logistical system, the system of their relationships with the outer shipping channels and customers, the testing of before and post-sales service, the assessment of the quantity of the commodities by rivals, and the quality of the service.
Stages of competitive analysis
- Assessment of market sights and geography
- Know primary rival organizations
- Determination of the level and intensity of rivalry
- Rival review, profile creation
- Assessment of the properties and costs of anchor goods, establishing the industry share
- Assessment of the target audience and ways to attract it.
Components of competitive analysis offered
Rivas’s website evaluation
To get started, just go to a rival’s website and evaluate visually how it looks. Do you, as a visitor, follow what this website is and what it sells? Rate the design and note that you like, do not like, what you pay attention to, whether there is enough information. Do you follow the navigation, convenient search, filtering, etc? Is it easy to find contacts and contact the firm?
Content availability is important not only for search engine optimization since blank pages are not ranked but also for buyers. If the website has a description of services and goods, various articles, recommendations, and answers to questions from the target audience are published, then this is a big plus.
Analysis of social networks and subscription to every rival mailing
Analyzing rivals in social networks and subscribing to their newsletters has a lot of competitive analysis advantages.
- You are going to find out if you have any rivals in social networks and how they use them.
- You are going to see how the audience reacts to the posts of your colleagues in the market. What «comes» better — contests, commercial, educational content. Consequently, you will know what to write about, which mechanism is more effective and then apply it to yourself. Or, on the contrary, you can be protected from mistakes that your rivals make.
- You are going to be aware of new products. Therefore, join groups, include notifications and subscribe to newsletters.
- You are going to get ready users for your website. You can aim it and intercept it.
- You are going to quickly respond to the «shoals» of colleagues, solve the problems of subscribers faster than they, getting loyalty. If you see that people have a problem and rivals do not respond to it for a long time, you can come and answer questions from the public. The main objective is to make it beautiful. That is, do not throw mud at rivals, but just aid a person to solve the problem.
Competitive analysis from KATASIS
Analysts of competitive analysis company KATASIS is going to present a unique assessment of rivals precisely for you, considering all the demands and priorities. We are experts in the preparation of systematic and commercialization research in more than two hundred distinct market sectors. Contact us — and we are going to successfully and immediately finalize the competitive analysis order of yours.