Competitive Analysis 2020: A Go-To Guide for Marketers

1. Competitive Analysis
2020: A Go-To Guide
for Marketers

2. We live in an era where even the weirdest business ideas
face intense competition. Unless you’re selling technology
from Area 51 with an exclusive patent, prepare to battle it
out in the marketing arena.

3. With the World Wide Web turning into a war
zone for businesses, getting target users to a
website, at least for a few seconds, will draw
the line between a winner and loser. With a
surge in the intensity of the competition, this
trend is forecasted to continue in the future.

4. Ensuring that your target market stays glued to your
business and not your competitors, requires a 24×7
watchful eye. If you are a marketing professional or a
business owner, scrutinizing the marketing efforts of
your competitors must be part of your daily task.

5. Emulating and adapting strategies that work for your
competitor will ensure growth, opportunities, and
leads for your business. However, the process of
scrutinizing the products, sales, and marketing
strategies of your competitors requires an in-depth
knowledge of how to do a competitive analysis.

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7. This blog is tailored for you if you are looking for kick-
ass competitive analysis strategies to improve upon
your competitors. The tips that you are going to learn
from this blog will ensure that your marketing efforts
stay relevant to the target audience.

8. What is Competitive Analysis?
Competitive Analysis is a strategy deployed by
businesses to determine how top competitors
use different marketing tactics to generate
more leads, sales, and traction to products or
services. Competition analysis helps in
understanding the strengths and weaknesses
of the competitors to build a concrete marketing
strategy for businesses.

9. Importance of Analyzing Your Competitor in Marketing Terms
The advancements in marketing are hard to catch hold off unless you have a
dedicated team that tests new strategies and measures success rate. In most
cases, this becomes impossible, and your competitors may cut across you with
strategies that you have not yet tried out. This is where competitive analysis
comes to your rescue.
An in-depth competitor analysis will ensure that you stay on top of your marketing
activities and reap the full benefit. This includes factors such as identifying the
strengths, weaknesses, and opportunities of the competitors and making decisive
changes to the current marketing strategy.

10. A proper competitive analysis will enable you to
market and sell products and services effectively. It
can additionally pave the way for your business to
establish a success route that none of the other
competitors have tried.
Before seeing how competition analysis helps in
achieving business success for you, let’s dive deeper
into the basics of competitive analysis that can be the
stepping stone to your success.

11. How to Identify and Evaluate Your Competitors?
In today’s changing times, where the internet is both the provider and destroyer, any other
website where your target audience spent time is a business threat. However, it is impossible
to analyze such a large sample, and the information that you get may not help to improve the
marketing strategy of your company.
What you need is the list of competitors who are into the same niche and selling similar
products or services that directly compete with yours. For example, the competitor of a kids’
subscription website cannot be a subscription site that caters to babies.
In the above scenario, even though the businesses are indirect competitors, their target
audience differs, and so will the marketing strategies deployed. What you, as a business
owner or market, should look for is direct competitors.
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12. Who is a direct competitor?
A direct competitor is a business that provides the
same type of products or services as yours and to the
same target audience that you cater to.
That said, ignoring the indirect competitors is not
recommended as they are in the same business and,
during the later stage, can delve into your territory. For
example, a baby subscription box website may extend
their services to kids. In such cases, they become
your direct competitor.

13. Keep a Tab on Products and Services Offered by Your Competitors
Some businesses nail the marketing in the head. Still, in a few months,
the strategy fails, and the company slowly disintegrates. The most
common reason for businesses perishing is the lack of innovation with
the products.
The products and services that you offer is the driving factor that
decides the success of any marketing strategy. Innovation and
experiments are continually happening within any industry, be it a
product or service.

14. Adapting to the changes is an essential factor that will
determine the future of businesses. The failure to
emulate and modify strategies are the prime reasons
that push companies out of business.
A proper competitive analysis will ensure that you
don’t miss out on the strategies incorporated by your
competitors to succeed. The approach could be
anything from tweaking the pricing to adding discounts
or incorporating a new feature to the productservice.

15. ● Cost
One of the most important factors that businesses must consider while
doing a competitive analysis is the cost. Different companies have
different packages for products and services. However, the moment
users find they get similar services at a lower price, they may turn
incognito.
The best way to ensure that the cost does not dissuade the users is by
making it competitive enough based on the industry standards. In
addition to this, if you think that you’re providing premium services that
are unmatched in the industry, ensure the users understand this
beyond doubts.

16. ● Market Share
The market share of a business is also crucial before you zero-down it
as a competitor. A company that just entered the business may not be
your recommended competitor as they are yet to penetrate into the
market. It would help if you looked for companies that have a sizable
number of sales/clients, whichever is applicable for you.
By ensuring that they have a relatively large market share, you can
align your strategies in achieving a share of it. This is, after all, the
outcome that you need for doing the competitive analysis.
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17. ● Understand the Characteristics of the Target Audience
Meeting the expectations of the target audience will ensure that your
business retains the clients and customers. The easiest way to
understand the characteristics of the target audience is through a
competitive analysis.
There is a possibility that your product or service might interest a large
section of the crowd. However, not all are your target audience. Your
targets are the ones that are using the services of your direct competitors
and your prospective future customers.
Keeping a tab on the social network and community profiles of the
competitors will provide you clues about the type of audience they interact
with. Besides, target concerns and the weaknesses of the competitors
can be easily identified by analyzing social interactions.

18. ● Identify the USP of the Competitors
As we discussed before, if you are out there doing business, competitors
follow suit. In that case, what is it that makes one company successful
and the other a failure? The answer to this is a Unique Selling
Proposition (USP).
USP can be defined as a distinguishing factor – a product, service, or
even customer service for that reason, that makes the target audience
choose your competitor above yours.
Once you identify the USP of your competitor, that paves the way to
identify your weaknesses. Additionally, you can reverse-engineer the
strategy to fit your business so that you put a stiff competition.

19. In-depth Analysis of the Competitor’s Marketing Tactics and Results
Businesses use different marketing tactics to earn customers. The process used by companies
to tap into the customers may differ. However, understanding their sales process will enable your
business to prepare a tailored marketing strategy that drives results.
If you are a small or medium-sized business, your focus will be naturally to compete with
companies within your segment. However, if you are a multimillion-dollar business, the sales
strategy and the result that is generated can be retrieved from the annual reports that are
published by your competitors.
If you fall under the first category, getting the information about the marketing strategy will
require more effort. To understand the marketing strategy of the competitor, you have to first dig
deep into their sales process.

20. Understanding the Sales Process
Understanding a customer’s journey through the different marketing
efforts of your competitor is critical to emulate. A process can be
defined as the journey made by your target audience through a set
of predefined steps that qualify a prospect into a customer.
A typical sales process consists of seven stages: Finding the
Prospect, Preparing the Prospect, Approaching the Prospect,
Presenting to the Prospect, Countering the Objections of the
Prospect, Turing Prospect into Customer, and Retainer Strategies.
By understanding the sales process of the competitors, you can
avoid making the same mistakes that they did and spend the time
churning up more productive strategies.

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