Questions such as what is competitor analysis in the marketing market and how to analyze competitors are questions on the minds of many business owners. Competitor analysis aims to research and analyze the activities of other businesses that are in the same market as your brand and compete with your business.
Knowing your competitors helps you discover your positive and negative aspects as a business and identify opportunities for yourself. By analyzing your competitors, you can identify deficiencies in the market, develop new products and do effective marketing. It is undeniable that answering the question of what is competitor analysis correctly is also very important for your brand strategy.
Who are your competitors?
Which products and services do they offer?
What are their past and current brand strategies?
Who is their target audience?
What opportunities and possibilities do your competitors offer you?
What are the consumer complaints against your competitors?
There are some methods to answer questions like these and we have listed them for you below.
Competitor Analysis Methods
SWOT
Identifying which brands in the target market are competitors for you is the first step of competitor analysis. With SWOT, which consists of the initials of the words Strengths (strengths), Weaknesses (weaknesses), Opportunities (opportunities), Threats (threats), you can identify who is your competitor. You can see your competitor's strengths and weaknesses and evaluate opportunities and threats.
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 you generally evaluate in SWOT analysis. For example, when there is an economic problem involving a large audience, how does your competitor overcome this crisis? What can you do in case it does not? It allows you to get answers to such questions and provides you with the opportunity to evaluate both your own brand and your competitors according to external conditions.
COMPETITOR INDEX
The competitor string, which is among themethods of competitor analysis, can be briefly defined as scoring your competitors. You analyze your listed competitors by scoring them. The trick in this method is to score each competitor at a certain standard for each item. Below is a sample competitor string. Competitors and criteria are identified and scored out of 10. You can contact us to see the current position of your competitors, their past marketing and SEO efforts, and a projection of what they will do in the future.
