Questions such as "What is competitor analysis in the marketing industry?" and "How do you analyze competitors?" are common concerns for many business owners. Competitor analysis involves researching and analyzing the activities of other businesses that operate in the same market as your brand and compete with your business.
Knowing your competitors helps you discover your business's strengths and weaknesses and identify opportunities for yourself. By analyzing your competitors, you can identify gaps in the market, develop new products, and implement effective marketing. It is undeniable that correctly answering the question "What is competitor analysis?" is also very important for your brand strategy.
- Who are your competitors?
- What products and services do they offer in the market?
- What brand strategies have they implemented in the past and are currently using?
- Who makes up their target audience?
- What opportunities and advantages do your competitors offer you?
- What complaints do consumers have about your competitors?
There are several methods available to help you answer these questions, which we have listed below.
Competitor Analysis Methods
1. SWOT
Identifying which brands are your competitors in the target market is the first step in competitor analysis. You can identify who your competitors are using SWOT, which stands for Strengths, Weaknesses, Opportunities, and Threats. You can see your competitors' strengths and weaknesses and evaluate opportunities and threats.
2. PEST ANALYSIS
With the PEST analysis method, which stands for Political, Economic, Social, and Technological, you can understand the internal structure of the brand you generally evaluate in the SWOT analysis. For example, when there is an economic problem that affects a large audience, how does your competitor overcome this crisis? If they cannot overcome it, what can you do? It allows you to answer such questions and evaluate both your own brand and your competitor according to external conditions.
3. COMPETITOR RANKING
Competitor ranking, one of the competitor analysis methods, can be defined simply as scoring your competitors. You analyze your competitors by scoring them on a list. The key point in this method is to score each competitor for each item according to a specific standard. Below is an example of a competitor ranking. Competitors and criteria have been determined, and scoring is done on a scale of 1 to 10. To see your competitors' current position, their past marketing and SEO efforts, and a projection of what they will do in the future, you can contact us.
