How to Run a Competitive Analysis Like a Pro

How to Run a Competitive Analysis Like a Pro

Here is the step-by-step guide for conducting a competitor analysis!

Visualize entering a combat zone where your ultimate weapons are not swords and shields but sharp-wittiness and willpower! Huzzah!

Here, it becomes very vital to decode the next step of your competitor. Every little move could lead to the ultimate victory or transcend the clutches of defeat.

We are marketing landscape where if you do not sharpen your skill sets, you can end up losing your shine to a competitor. To stand out amongst your competitors, you’ll need to sharpen your skills. This can only happen if you are aware of what your competitors are planning ahead in advance.

One way to achieve this is by conducting competitor analysis. We’re not simply referring to decoding your competitors’ next step. It is about making a proper plan of action that can outflank your adversaries by playing the game of business using their rules.

Wish to run a competitive analysis like a pro by transforming your rival’s strength into an unstoppable force for you to reap rich rewards for your business? If yes, check out the steps provided below to run a competitive analysis like a pro for your business.

Before we look at the steps, let us give you a brief idea about what exactly can be termed as a competitor analysis and why businesses should opt for it.

Reasons to Conduct Competitor Analysis

When you perform a competitor analysis for your brand, it can help you make informed business decisions.

Here are some things that you can be sure to achieve for your business by conducting a thorough competitor analysis:

  • Helps you to determine and even modify your Unique Selling Proposition (USP) and Unique Value Proposition (UVP) by scrutinizing Salesforce forms from a reputed online form builder company
  • Assists you to determine the disparities in the market that you can make the most out of to gain the upper hand in the market
  • Take advantage of the weak points of your rivals and enhance your product or service to improve your lower conversions or even improve app retention rate.
  • Ascertain success strategies and reinforce your promotional campaign
  • Decode the business formula for success in your line of business
  • You can utilize useful insights to address frequent customer questions by having a chatbot on your website.

Now that we have closely examined the definition of competitive analysis and the reasons for conducting it, we are in a good position to learn the steps to run a competitive analysis like a champion in our next section.

Step-By-Step Process to Run a Competitive Analysis like a Pro

Here’s what you came for! Here is our step by step process to run a competitive analysis! We also recommend checking out our Advertising Institute or small business coaching to get fast results using the competitive analysis steps given below.

1. Zero In on Your Business Competitors

The very first thing as an entrepreneur that you should do is to scout for prime suspects – those contending for your customers. This is where you need to mull over wide-scale industry demands.

This can include the following:

  • Brand-new contenders
  • Substitute merchandise
  • Unintended challengers

All these things can help you get valuable information about changes happening in the market and buyer inclinations.

We suggest you use tools like social media, search engines like Google, SEO tools like ahrefs, and industry reports to determine a piece of all-inclusive information about your business rivals. Or if you’re fancy, you could also look into chatbots with “Reinforcement learning with human feedback” (RLHF) – a machine learning technique that aligns an intelligent AI chatbot that marketing specialists use to their preferences.

2. Gather Competitor Intel

Now that you have prepared a list of “rivals”, it is time to collect more intel on them in terms of strategy, content, and more!

This may include:

  • A comprehensive look into their business processes
  • Promotional email campaigns
  • Product lineup
  • Degree of customer satisfaction through effective CRM software
  • Position in the market

You can get this information (and even redact sensitive information if you’re lucky) about your competitors by closely reviewing their:

To track the web traffic and online performance of your competitors, we suggest you use tools like HubSpot and SEMRush to evaluate the performance of their landing pages.

Tip: Do some more recon and take a look at the feedback provided by their customers and maximize important value of feedback to get an unconsolidated understanding of their current standing in the market. What are the pros, what are the cons? If you manage to get ahold of existing or previous customers of your competitors, feel free to offer giftcards for their time and interview them on their experience on your choice of video conferencing platforms to get collect candid feedback. Then, see where your brand offerings can fill in the gaps.

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