How to Do a Competitive Analysis In Four Easy Steps.

Competition Analysis of Website
Competitor Analysis and its Branches

Definition of Competitive Analysis

By definition we can tell Competitive Analysis strategy is to check the competition in the similar business so as to analyze the weakness and strengths of the potential rivals in respect to the sole company. This information finally is useful for betterment of the features and efforts to improve the company. We extract certain information and then implement new idea to move a step ahead in market. The information gathered should be very comprehensive and it should cover all the important aspects of market.

Competitive Analysis is can be a game changer as it plays critical role in marketing. It makes an attractive tool to target the audience showing what is unique about the company among such a huge market.

Answer these first

Before starting the procedure, it is important to understand few questions and how to tackle these questions.

  • Who all are the competitors?
  • The products or services do they provide.
  • Their market shares.
  • Their past mistakes.
  • Competitors’ current strategies.
  • Media types they use to market their services.
  • What time limit do they offer to deliver their services?
  • Things they excel in and what weaknesses do they possess.
  • The special threats the competitor pose which is not part of included in your business.
  • What opportunities can you take out?

Hands-on Competitive Analysis

Take a paper and write down the following as per the hierarchy, on the bottom right side of the paper, write the products name that you produce or provide, that is in competition with others. For this one can write the thing that the customer will buy from others if they are not buying from you. On the top write the main features of the product or services. Here you can write Prize, size, marketing strategy and target market. Write the left side of paper with list of buyers and services, website, phone numbers and other features. These all finally makes a grid to tell where you belong in the entire market.

There are still things that should be avoided which most of the businessmen don’t think about and end up losing the competition.

Not considering all the companies:

First thing first, never underestimate any competition, big or small, everyone in the related field is a competition. It can be due to insufficient knowledge, experience and lack of time too. It can make blockages in making a dynamic analysis and structural changes of businesses.

Not thorough with the word competitive analysis:

If the entrepreneur is worrying about just one or two products they produce for the competition, then they are worrying about just one perspective part of the market. For building an awakening business, we analyse the market in a broader range to build an visionary concept.It lets them to know competition better with cost and technologies that can also be used in their business improvement.

Unaware of the customers’ requirement:

It is important to know what the customer needs and it can be done through competition analysis. The important thing to know is how customer and users thinks about the company. It helps bettering the company by understanding the factors, strategies and decisions. It sometimes makes overestimating the customer and investing too much in product than required.

Not considering a substitute offer:

Often companies consider substitutes as competition, although they are not. Moreover, an analysis of company providing a demand with various development strategies is also possible, it is how one perceives it. It is about being specific about just self-producing strategy or considering various technologies to build product fast.

All of the companies who believe in competitive analysis strategy are benefiting with the concept. Competition is good for progress in any business and people will continue rely on old boring things forever. Competition analysis can be considered single handed working or allocate to experienced company who is in the business.

Digital Marketing : A tool to generate leads

Digital Marketing, Social Marketing
Digital Marketing

Digital Marketing Means:

As we Know Digital Marketing is changing the world with a boom since last couple of years. A solid Digital marketing strategy can change the presentation of the company to the customers. But the question arises is, How? How to grasp the required amount of attention in the market and show presence? Looking at the era of 2019, we are into more specific and powerful technological level.

Everything is going smart and so should our marketing too. A good business is defined by the right strategy, which eventually increases the sales, customers, and Long Term Growth which is the final aspiration.

The World is Changing:

In the era of online marketing, traditional marketing strategy actually annoys and pisses off the customers. The numbers of banners are reduced because unless it is size of a planet, chances are the most that the banners will be ignored. Customers even ignore TV ads and newspaper ads most often.

On the other hand banner ads on internet are also not used much because it is expected to be fake and untrustworthy. It now comes on the shoulders of the digital marketer that it gets the job done and keeps upto the trend.

Tips to enhance Social Marketing

Few tips to build a working marketing plan.

Giving a priority to the customer need:

Every member in the team is busy developing and building the web presence and services; it is upon the CMO to successfully market the needs of customer. Working on Small improvements on efficiency in conversion rates, email capture, and re-targeting can pay huge returns on investment.

Regular Audits and properly updating the SEO Services:

Does all the sharing of product reaches the desired number of customer. Search engine optimization is ways which can significantly help branding by reaching the number of people gets what’s the company offers. Many experts recommend updating SEO once in a trimester every year, as Google get its algorithm update delivery month. A good marketer should depend on finding the keywords that makes business gain or lose interaction in the search engine. In order to make a brand more discover able and visible as much as possible.

Use Blogging as the Master Key:

Posting a relevant and valuable content makes the traffic bend to website. More often, simultaneously increasing ranking in search engines. It is a fact that marketer’s blogging more are more likely to experience positive return on investment. And the companies too get similar results. Every post explains the indexed page on the website, making it more likely for customers to find the company on surfing online. Blogging also helps in branding of company, Influencing customers tend to buy from authentic brand rather than generic.

Hosting Webinars and Events:

Engaging an audience base through webinars, podcasts, and online promotion of live events to engage audience. To flow the process of promoting the event, using a third party to make the process seamless can be a good idea. By taking external help for the event will influence the details; so focusing on providing a big picture and creating an experience for customers is good idea for the marketer.

Using social Media to the most:

Social media is another big thing & best tools for marketing any brand. Analyzing out which platforms the audience uses the most, targeting a post timings to get the best output and the dates to share. Engaging with the audience through social media by building conversations. Responding to queries, both praise and grievances is a best use of social platform. More than half of the customers use social media for customer service. Inquiries ensuring to become part narrative can direct a positive outcome.

Build a dynamic marketing:

Building a marketing strategy to reach all devices even if desktop version of your marketing is great. Cohesion with Consumers across platforms gives better accessibility and business.

Conclusion:

An authenticity reigns leading from these strategies can be very beneficial for the company. Once the company builds that, an online presence is assured for connecting with audience in ways which were previously unknown to build a brand that they’ll continuously want to engage with. GPC Softwares have a team which eventually inherits these qualities by experience and continuous learning through works. Any project is important and every customer is god.