Competitive Analysis
Competitive Analysis
Business takes place in a highly competitive, volatile environment, so it is important to understand the competition. Questions like these can help:
* Who are your five nearest direct competitors?
* Who are your indirect competitors?
* Is their business growing, steady, or declining?
* What can you learn from their operations or advertising?
* What are their strengths and weaknesses?
* How does their product or service differ from yours?
Start a file on each of your competitors; include advertising, promotional materials, and pricing strategies. Review these files periodically, determining how often they advertise, sponsor promotions, and offer sales. Study the copy used in the advertising and promotional materials and their sales strategies.
What to Address in Your Competitor Analysis
* Names of competitors: List all of your current competitors and research any that might enter the market during the next year.
* Summary of each competitor's products: This should include location, quality, advertising, staff, distribution methods, promotional strategies, customer service, etc.
* Competitors' strengths and weaknesses: List their strengths and weaknesses from the customer's viewpoint. State how you will capitalize on their weaknesses and meet the challenges represented by their strengths.
* Competitors' strategies and objectives: This information might be easily obtained by getting a copy of their annual report. It might take the analysis of many information sources to understand competitors' strategies and objectives.
* Strength of the market: Is the market for your product growing sufficiently so there are enough customers for all players?
Ideas for Gathering Competitive Information
* Internet: The Internet is a powerful tool for finding information on a variety of topics.
* Personal visits: If possible, visit your competitors' locations. Observe how employees interact with customers. What do their premises look like? How are their products displayed and priced?
* Talk to customers: Your sales staff is in regular contact with customers and prospects, as is your competition. Learn what your customers and prospects are saying about your competitors.
* Competitors' ads: Analyze competitors' ads to learn about their target audience, market position, product features, benefits, prices, etc.
* Speeches or presentations: Attend speeches or presentations made by representatives of your competitors.
* Trade show displays: View your competitor's display from a potential customer's point of view. What does their display say about the company?Observing which specific trade shows or industry events competitors attend provides information on their marketing strategy and target market.
* Written sources: Use general business publications, marketing and advertising publications, local newspapers and business journals, industry and trade association publications, industry research and surveys, and computer databases (available at many public libraries).
Competitive Analysis - To learn more about this author, visit Manage Your Business's Website.
Like this article? Share it with your friends
Competitive Analysis
Business takes place in a highly competitive, volatile environment, so it is important to understand the competition. Questions like these can help:
* Who are your five nearest direct competitors?
* Who are your indirect competitors?
* Is their business growing, steady, or declining?
* What can you learn from their operations or advertising?
* What are their strengths and weaknesses?
* How does their product or service differ from yours?
Start a file on each of your competitors; include advertising, promotional materials, and pricing strategies. Review these files periodically, determining how often they advertise, sponsor promotions, and offer sales. Study the copy used in the advertising and promotional materials and their sales strategies.
What to Address in Your Competitor Analysis
* Names of competitors: List all of your current competitors and research any that might enter the market during the next year.
* Summary of each competitor's products: This should include location, quality, advertising, staff, distribution methods, promotional strategies, customer service, etc.
* Competitors' strengths and weaknesses: List their strengths and weaknesses from the customer's viewpoint. State how you will capitalize on their weaknesses and meet the challenges represented by their strengths.
* Competitors' strategies and objectives: This information might be easily obtained by getting a copy of their annual report. It might take the analysis of many information sources to understand competitors' strategies and objectives.
* Strength of the market: Is the market for your product growing sufficiently so there are enough customers for all players?
Ideas for Gathering Competitive Information
* Internet: The Internet is a powerful tool for finding information on a variety of topics.
* Personal visits: If possible, visit your competitors' locations. Observe how employees interact with customers. What do their premises look like? How are their products displayed and priced?
* Talk to customers: Your sales staff is in regular contact with customers and prospects, as is your competition. Learn what your customers and prospects are saying about your competitors.
* Competitors' ads: Analyze competitors' ads to learn about their target audience, market position, product features, benefits, prices, etc.
* Speeches or presentations: Attend speeches or presentations made by representatives of your competitors.
* Trade show displays: View your competitor's display from a potential customer's point of view. What does their display say about the company?Observing which specific trade shows or industry events competitors attend provides information on their marketing strategy and target market.
* Written sources: Use general business publications, marketing and advertising publications, local newspapers and business journals, industry and trade association publications, industry research and surveys, and computer databases (available at many public libraries).
Competitive Analysis - To learn more about this author, visit Manage Your Business's Website.
Like this article? Share it with your friends
 | |
 |
No article feedback found. |
| |
Leave Your Feedback |
 | |
| |||
David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
|||
|
To learn more about the Evan Elite Author Program please contact us. | |||
 | |
|  |
Subscribe to Manage Your's articles
 |
|
Mastermind Group Resources - Strategies to get the most from your Mastermind Group. The purpose of this blog is to share resources, tips, strategies, and ideas on how to build a Mastermind Group and make it more effective.
|
|
|
 |
 | |
|
| |
 | ||||||
|
 | ||
 |
||
 |
||
 |
||
|
| ||
 |
| Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details. |
|
|
 |
| Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company! Video produced by Phanta Media |
|
|
 |
"Learn straight from Evan how you can Make a Full Time Income (And More) from a Website"
Click Here To Learn More |
|
|
|
|
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
|
|
|
 Manage, Click, Learn. 2009 Accessing Capital Measure Customer Loyalty Make It Happen Make $ From Your Invention |
|
 | ||
 |
The Top 10 GTD Times Posts
Best Posts for Productivity | |
 |
Top 50 SEO Posts - 2008
Top SEO Posts of the Year | |
| ||
 | ||||
| ||||
|
| ||||
| ||||
|
|
|
|
|
||||||||||||
|
Email us your ideas on how to make our website more valuable! Thank you Sharon from Toronto Salsa Lessons / Classes for your suggestions to make the newsletter look like the website and profile younger entrepreneurs like Jennifer Lopez and Sean Combs!
|
|
|
