This article is based on the discussion of competitive analysis that is necessary to be performed by the business executives in order to well justify the strengths, weaknesses, threats and opportunities of the organization along with the strengths and weaknesses of business competitors. This key analysis is performed by the business entrepreneur to maintain organization’s brand values and competitive edge as well.
Competitive analysis is referred as the critical aspect of organization’s marketing plan. With the assistance of this particular analysis, a business entrepreneur could better evaluate different ways to make their products and services unique from those offered by the competitors of the organization. This key analysis also includes the plan to attract the target customers towards the affordable and high-quality products and services at significant rate. With the help of this key analysis, the businessmen could better evaluate his competitors via placing them under the strategic group.
Competitive analysis is the direct answer of these questions- who are your competitors, what are their current strategies, what product & services they deals with, what are their past strategies, what is the market share of each of their competitor, media services used by them to market their products & services, strengths & weaknesses of each business competitor, what are the possible potential opportunities do the businessmen make available for the opponent organization, and potential threats to competitors pose etc. By documenting a competition grid, the product and services of the organization could easily be compared by the entrepreneur with their own products and services. As per business analysis key concept, an entrepreneur should have proper documentation of some key aspects such as- target market, method of product distribution, product pricing strategy, and extent of customer service for a defined product category. With the help of documenting market grid, it would be easy for the business entrepreneur to see and analyze that at which block or grid the product of the organization fits in overall market.
Steps to conduct competitive analysis
• Identification of top business competitors is the first step and, in this step, the business owner have to assure that all listed organizations are operating under similar industry. For better assistance, SEM Rush tool could be used by the business owner to get a clear idea about what other enterprises are ranking for their keyword and the way how to stand up against them.
• In next step, the content and product sales strategy of competitor’s organization is evaluated and compared with own content strategy to get some valuable analysis. The type of content that could be evaluated under this key concept includes- videos, blog posts, podcasts, visual content, eBooks, whitepapers, press release, case studies, buyer guides and news.
• In next step, the SEO structure of the organization is analyzed. In case the enterprise has a blog then you have to know about the way how much the SEO structure of the enterprise is important at all. The list of additional keywords could be generated with the help of looking at competitors keywords.
• In fourth step, the organization could look at their social media integration key strategy. Social media networks are the direct sources for the organization to better interact with their key customers.
• In fifth step of the analysis, the enterprise needs to identify and evaluate the significant areas for improvement. The enterprise should have proper idea as well as understanding regarding the current approach following by the competitive organization.
• At last, the recent market trends and technologies are evaluated by the organization and then correspondingly required key strategies are formulated by them to maintain a significant competitive edge.
Key requirements to conduct competitive analysis
By performing competitive analysis, the organization could better achieve competitive edge as this would make them eligible to get a clear idea about their key strengths and weaknesses those could be used by them to win a competitive edge. To conduct a competitive analysis in a better there are some key requirements those need to be kept under consideration by the business owner to reach over exact end results within shorten period of time-