Competitive marketing is where the company's competitive strategy is selected. That is why preparation is extremely important. Let's look at several basic preparatory stages.
Goal setting
Before conducting a competitive analysis, you need to define your goals. How will you use the information you receive? The answer to this question determines the method and subject of the study. For example, if you are going to launch a new product on the market, you will need to analyze:
key players and their product lines;
positioning and marketing paytm database communications of competitors;
consumer reviews of competitors' products.
If a company plans to launch brand media, then it will be necessary to find out:
Do competitors use a blog on their website? Who is it aimed at? What does it say?
What social networks do competitors use? What methods of presenting information do they use?
How is the competitor's brand represented in the media? How often is it mentioned and in what tone?
Forming a list of competitors for subsequent analysis
You may have a huge number of competitors, but it is not necessary to study each of them. It is recommended to select the most interesting business rivals. The criteria may include: market share, customer reviews, pricing, product features.
Let's look at the tools that will help you choose your competitors:
Search engine. Try entering a query related to your business area. For example, "kitchen cabinet installation".
Industry ratings. Such lists can be found in business publications (Forbes, Kommersant, etc.).
Events (conferences, parties, awards).
Stores (if we are talking about offline business).
Marketing research and customer surveys.
Jobs to Be Done Method. With this tool, you can determine what potential buyers need to eliminate their pain points and solve various problems. It is necessary to conduct at least 10 in-depth interviews with clients. Find out what work they “hire” the product for and what emotions they want to experience with it. After that, you need to create a table with the audience’s responses.
Forming a list of competitors