What Is Competitor Analysis? | the Key to Standing Out in
In the marketing market What is competitor analysis Questions such as how to analyze the competitor are questions on the minds of many business owners. Competitor analysisaims to research and analyze the activities of other enterprises that are commercially in the same market market as your brand and are in competition with your business.
Knowing your competitors helps you discover your positive and negative aspects as a business, identify opportunities for yourself. By analyzing your competitors, you can identify shortcomings in the market, develop new products and conduct effective marketing. What is competitor analysis It is undeniable that answering the question correctly is also very important for your brand strategy.
- Who are your competitors?
- What products and services does it offer to the market?
- What are the brand strategies they have done in the past and are they implementing now?
- Who do their target audiences consist of?
- What opportunities and opportunities do your competitors offer you?
- What are the complaints from consumers to your competitors?
There are some methods for you to be able to answer such questions, and we have listed them for you below.
Competitor Analysis Methods
1.SWOT
Determining which brands are competitors for you in the target market is the first step of competitor analysis. With SWOT, which consists of the initials Strengths, Weaknesses, Oppurtunities, Threats, you can identify who is your opponent. You can see the strengths and weaknesses of your opponent and evaluate opportunities and threats.
2. PEST ANALYSIS
With the PEST analysis method, which consists of the words Political Economic Social Technological, you can solve the internal structure of the brand that you evaluate in general in the SWOT analysis. How does your competitor overcome this crisis when there is an economic problem that concerns a large audience, for example? What can you do if it fails? It gives you the opportunity to get answers to such questions and evaluate both your own brand and your competitors according to external circumstances.
3.OPPONENT STRING
Methods of competitor analysis The string of opponents between can be briefly described as scoring your opponents. You analyze your listed competitors by scoring. The trick in this method will be that you score each opponent to a certain standard for each item. Below is an example competitor string. Competitors and criteria are determined, scoring is made out of 10. With us to see the current position of your competitors, past marketing and seo work, a projection of what they will do in the future in contact you can pass.
SCALESOPPONENT 1OPPONENT 2OPPONENT 3PRODUCT QUALITY368CUSTOMER MASS679LOGISTICS575AFTER-SALES SERVICES559
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