Understanding your competition and what they are doing is very essential from a marketing perspective for any successful business. Conducting a competitor analysis often offers an opportunity to glance at your competition with a detailed eye on their marketing efforts and provides useful insights that can be used to make the marketing strategy of your startup achievable. Essentially, a competitor analysis framework does two very important things – it identifies the strengths of your competitors by determining their best performing areas and their focus point and helps determines their weaknesses.
It is very important to know what your competition is doing, how they are reaching their customers, where they are marketing, and what they are providing, especially if you are a startup. This knowledge facilitates you to see where your competitors are falling short in their approach to marketing and there you can highlight the benefits of your own services or products. Here we have formulated a few easy steps to help you to create the perfect competitor analysis model from three different perspectives, marketing, pricing, and product.
Steps to Create a Perfect Competitor Analysis Model
Identify your competitors
This is the very first step that you must follow while creating a competitor analysis model. Without identifying who your competitors are and where are they most actively present on the internet, you can’t really analyze them. While you are determining your competitors, always consider the language and the country you are typing in. If you are a business that sells digital products or services, your key competitors can also be from other countries that you are not operating in. So, it is not advisable to exclude them as they might grab a piece of your market. Once your competitors’ list is ready, you can easily start analyzing them.
Analyze your competitors from a product perspective
The second step involves analyzing competitors from a product perspective and it plays a very important role in creating an effective competitor analysis framework. In this step, it is very important to take a profound look at how your startup business can take advantage of your competitors’ product, its features, and functionalities. This furthermore helps in positioning your brand firmly in the market with all the requisites to fulfill the demand of your customers.
Examine your competitors from a marketing perspective
The third step in creating an effective competitor analysis model is analyzing your competitors from a marketing perspective. You can do this by looking at their social media page, their blogs, and can easily assess how frequently they post or publish their content. This can also help you investigate their SEO and SEM strategy. This gives you a proper overview of your digital competitive environment in terms of organic positioning.
Evaluate your competitors from the pricing perspective
Examining your competitors from a pricing perspective is one of the most important aspects when it comes to creating a perfect competitor analysis framework. If you are a startup, it becomes highly essential to analyze the pricing strategy of your competitors. This offers you insights into the industry standards and the range of prices where you can position your products or services.
At Infiniti, we believe that a perfect competitor analysis framework is one of the keys to success for any business, especially if it’s a startup. But how to proceed is the most difficult question. We are here to help you design the most suitable competitor analysis model for your business, to know more request more information.