Updated: May 31

Every business venture has to face competition in its particular field. If you don’t grasp what the competition is up to, you may miss great opportunities and face certain risks for your business. In order to stay one step ahead of the competition, Ogling recommends employing in-depth research on the strengths and weaknesses of your competitors, both current and potential. This way you will be able to identify the threats that your company faces and any opportunities which you can cash in on.

Keeping an eye on your competitors also helps you to be aware of the shifting trends in the market, utilize successful sale tactics and stay alert to what is happening within your niche. Competitor analysis helps you identify gaps in the market which helps you make critical and timely decisions about your marketing strategy.

Essential Steps of Competitive Analysis

Identify competitors: In order to begin a comprehensive research, you first have to identify who your competitors are and which ones pose the greatest threat to your financial health.

Summary of products: The next important step is to find out what products or services your competitors offer, as well as what products or services they intend to offer in the near future, that can affect your product line and market share.

Marketing strategies: You have to pay special attention to their marketing strategies:

  • How do they offer or market their services or products?

  • What are their specific sales tactics?

  • What steps do they take to strengthen their brand loyalty?

  • How do they attract potential customers to their business?

  • Which markets are they focusing on?

  • Which market segments do they intend to target in the near future?

  • What back-up services do they offer to their customers?

Competitors strengths and weaknesses: Knowing the strengths and weaknesses of your rival firms can help you tremendously in creating marketing strategies. It also helps pinpoint your own weaknesses to work upon. When we talk about the strengths of a company, it entails:

  • Efficient customer service

  • Positive attitude of employees of the company

  • Effective personal relationship and interaction with customers

  • Holding a large slice of market

  • Good quality and low cost productions

  • Trust and integrity

On the other hand, weaknesses of a company are those constraints that restrict a company’s growth and stagnate company’s production. These include:

  • Lack of resources

  • Poor quality of company’s products

  • Inefficient production or low productivity

  • Poor brand image

  • Poor customer service

  • Less interaction with customers

Your competitors’ weaknesses give you a great chance to capitalize on them. For example, you can target their dissatisfied customers, or find gaps in the market that you can exploit to your own advantage.

With the mushroom growth of social media marketing channels, market globalization and use of advanced technology, competition has become more intense and fierce. On the other hand, due to various media marketing channels and the internet, there are many competitor analysis tools available that can make collecting data about your competitors simpler. These tools give a clear picture of how you stand against your competitors on a business landscape.

Some of the more powerful online tools that can help you in the collection of data for your competitive analysis are as follows:

Ahrefs: It is one of the most popular digital marketing analysis tools used by marketers, agencies and small and medium businesses. It is the best tool for gauging SEO ranking.

SEMrush: This is best for checking your competitors backlinks, and gives insight to the changes in their rankings.

Awario: This online tool specialises in tracking brand mentions and industry conversations across the web.

BuzzSumo: This is the best media tool to locate best trending content for your brand and specific competitors.

Curalate: It is a marketing platform that is used by companies who desire to maximize their sales. It helps businesses to learn which products score the most clicks and purchase..

Keyhole: This tools provide a performance analysis of businesses.

Google Analytics: It is the best platform to track social media marketing campaigns.

Sprout Social: It enables you to gather information about competitor performance on social media. It gives assess to what your competitors are posting on social media.

Similarweb: This online tool helps you analyse your competitors content and from where their traffic is originating. You can also find site’s referral traffic.

Mailcharts: This is the best tool to get information about email marketing strategy of your competitors and helps you to compare it to your marketing campaigns.

The team at Ogling is well-versed at conducting a thorough competitor analysis for businesses ranging from startups to large corporations. To get a comprehensive report on your competitors, reach out to Ogling today!

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