In the competitive era, where the start-ups are launched every minute and the existing ones are constantly developing new strategies to market and improve the sales of their goods and services. A company while developing its own strategies cannot afford to ignore knowing the competitors well in the market. So what does it take to stand apart from the rest?
An analysis of the market position of the company as well as knowing the competitors well would enable the company to assess the market opportunities for itself and accordingly the plans can be devised by the company.
1. Contents of your study or analysis
The analysis and study apart from the mere general information of the competitors must include their strengths and weaknesses along with their potential plans and strategies. Knowing the competitors well is extremely important. An inclusion of their goods and services, the prices that they are being offered at, web addresses etc. will always add to the value of your analysis.
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2. The focal point of conducting the study
The primary aim that the study should be conducted with is to adopt the differentiation feature so that you and your company have something more to offer to your customers in comparison to your competitors. This will serve as the edge for you that you need to acquire through this study.
3. Customer reviews
For knowing the competitors well you need to check out the customer reviews that are available online. Also make an effort to follow up with them about how they like your products and services. Through this, you can get an insight into what exactly is going on in the market and how happy or sad your customers are with you and whether due to dissatisfaction they are planning to switch to one of your competitors.
This involves gathering information about the market conditions and the positions enjoyed by various competitors of yours. Whether the position is good or bad will help you devise a more efficient plan for yourself and your company.
5. Pick up on their weaknesses and make them your strengths
After knowing the competitors well, this will help you pitch their customers. They will not only be more satisfied with you but also recommend you to a huge number of other people that they are daily going to meet. Ensure that every single point that various users of your competitors services are unhappy with is a pro for utilizing your services.
6. Pitch in on their customers
This will definitely help you in fulfilling the above-stated objectives. For knowing the competitors well, talk to their customers and go to the roots of what these customers like and dislike about the company that they are currently the customers of. Once you are aware of the same, you can always offer them your products in such a way that they understand what you offer more than your competitors.
7. It should be rapid but not hasty
When you start a business of your own or are running a business of your own, you probably realize it more than anybody else that the market is as dynamic as it can be. Before you even know it, the share prices drop and pick up. Your analysis must be done quickly and the results and conclusions be applied instantly. If any delay is caused, the entire point of an analysis would be lost for the market conditions would have changed.
8. Use all these available resources to your advantage
The above data available to you can be turned into an extra advantage if used tactfully. While you are adopting this technique, you must not forget that the competitors are adopting various similar techniques to look into your information. So, while you frisk through the other available information, make it a point to take care of your important data and most importantly the customers, who your company owes its existence to.