Competitors’ market analysis
A successful marketing strategy includes the analysis of the market, competitors and their activities, and application of the information received to develop tactics for the introduction of their products.
This marketing operation is conducted in several steps:
- The actual identification and entry into the register of competing companies;
- Analysis of advertising campaigns of competitors, their PR and products’ promotion options;
- Audience analysis – ways to attract new customers, their needs and wishes;
- Study of content, traffic, advertising activity (analysis of competitors’ advertising);
- Evaluation of the intensity of competition – analysis of sales of competitors, customer reviews, positions held;
- Analysis of competitors’ products – important information for compiling your own assortment;
- Analysis of competitors’ prices – helps to form an adequate price policy;
- Distribution channels of products (wholesale and retail sales, direct or through intermediaries);
- Analysis of information and planning of personal behavior strategies in the trading arena.
Methods of competitive intelligence
- Data collection through mass media, advertising, websites;
- Making trial purchases – agents in the role of buyers;
- Mass survey – getting information from the clientele of the competing party;
- Familiarization with the goods of the competitors at exhibitions or presentations;
- Interrogation of their employees and candidates for the selection of personnel.
The system of regular accounting and sorting of the received data is conducted with the help of competitors’ cards, which are constantly updated in the process of changing the initial situation.
The purpose of studying competing enterprises
The main goal of studying competing enterprises is to obtain full information about the advantages and disadvantages of the rival party, its intentions, and strategic plans. This allows you to optimize your actions to improve the effectiveness of marketing activities. As a result, you gain the big advantage, because competitive struggle is a competition of two market trades for the best conditions of production and sale. Also, cooperation and cooperative actions with rivals are possible.