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NOTE: Atreyee Chowdhury provides today’s guest blog, ‘5 Reasons Why Your Business Needs To Analyze Your Competitor’s Products.’
Atreyee Chowdhury works full-time as an Instructional Designer and is passionate about writing. She has helped many small and medium-scale businesses achieve their content marketing goals with her carefully crafted content that is both informative and engaging. She lives in Bangalore, India with her husband and parents. She loves to read, experiment with different cuisines, travel, and explore the latest content marketing and L&D trends in her free time. You can reach her on Linkedin or write to her at [email protected] to discuss your content marketing requirements.
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Analyze Your Competitor’s Products
You may have heard the phrase, “keep your friends close but enemies closer.” In business, it holds true.
Understanding who you are up against is critical for building a sustainable business. Done right, it can position you as the market leader. But more than often, competitor analysis is misinterpreted.
Analyzing competitors does not mean imitating them but understanding them inside out to leverage your unique value and communicate the same to your audience.
Your competitor’s audience sure can look like your audience. But they are not yours. To make them yours, you would have to devise strategies that have their anchor in competitor analysis.
But if you are still not sure why you need to deep dive into competitor analysis, this post clears your doubt. We bring you the key 5 reasons why it is essential to analyze your competitor’s product for the success of your business and must be in your business growth goals in 2021.
5 Reasons Why Competitor Analysis Is Critical
For The Success Of Your Business
At the core, competitor analysis is the best secondary research to have a complete overview of your business opportunity landscape. It can not only flex your existing products and customer base but open doors to opportunities that were never seen before.
But that is not all. Keeping an eye on your competitor’s performance ensures you create a brand that can co-exist instead of going into the head-on competition. As a result, you increase your chances of sustainability.
The following section brings you the top 5 reasons your business needs to perform a comprehensive competitor analysis today.
- Develop A Fierce USP (Unique Selling Proposition)
When every business vertical faces market saturation challenges, creating a business with no brand equity cannot sustain itself. But building a brand is not merely an amalgamation of logo and name. It is more complex and time-consuming than you think.
Brand building starts with identifying gaps in the market and leveraging those opportunities for your business. It helps your product offerings to stand out in front of your audience. Developing this ‘why’ not only helps to gain new eyeballs but helps to build a community around it. But developing a winning USP needs much hard work including the ongoing commitment to analyze your competitor’s products.
Your primary competitor research must start with mapping the target audience of your competitors. Do they match your audience profile? If so, to what degrees? Find out what they care about, their average day, shopping habits. In short, do detailed demographics and psychographics research. It will help you gauge whether your product is the right fit for your competitor’s audience. Further, this can translate into a robust marketing penetration strategy. But that’s not the end of it.
To have a comprehensive understanding of your competitor’s landscape, you need to check their mission and vision statements, partnerships, and product line. It is only now that you can create a landscape of co-existing competition. All of it contributes and directs how to analyze your competitor’s product.
2. Improve Marketing and Sales
When every business vertical faces market saturation challenges, creating a business with no brand equity cannot sustain itself. But building a brand is not merely an amalgamation of logo and name. It is more complex and time-consuming than you think.
Brand building starts with identifying gaps in the market and leveraging those opportunities for your business. It helps your product offerings to stand out in front of your audience. Developing this ‘why’ not only helps to gain new eyeballs but helps to build a community around it. But developing a winning USP needs much hard work.
Marketing and sales have a significant contribution to how well your brand performs in the market. It means there is a lot to learn from those who are ahead of you.
Tracking your competitor’s marketing campaigns and sales funnels is a great way to understand why people choose them against the rest. Numerous tools could help you with this. You can monitor everything from Google Analytics to track paid search campaigns to SEM rush for tracking the top-performing keywords. It will help if you track important metrics like pricing, product placement, and sales strategies.
But to make this competitive analysis of marketing campaigns a true success, there are a few considerations that you need to keep in mind. So what are the key areas that you should track?
Website traffic is by far the most important metric you should track for your competitors.
A deep understanding of where and how your competitors get their maximum sales opportunities is a huge asset. You can create your traffic generation strategies strategically. Take a note of the kind of content they create, the format, visuals, and, more importantly, the frequency of the content generated.
Another key consideration here is the tools they use to do this. It will give you extra leverage and make your marketing strategy fool-proof.
Last, it is essential to have a deep understanding of their customer support. Understanding the kind of support and after-sale service your competitor offers to your audience will help you define your roadmap to marketing and customer relationship management strategies.
What kind of support do they offer? Is it real-time or knowledge base? Do they have upselling opportunities in their support? All these questions answered will give you deep insights.
3. Successful Product Development
Successful product development begins with the practice to analyze your competitor’s products. Creating a viral product is sheer hard work. You need comprehensive and cohesive information about your market to reach product-market fit. Although your primary market analysis will always be your target audience, your competitors can unlock new doors too.
If you look carefully, there are two ways your competitor’s product competition analysis comes in handy. It helps you to analyze gaps and leverage the same for your product development. But that is not all. What follows is a superior product that could solve your audience’s problems.
As you think about expansion, creating a product line would be one of your key activities to expand your customer base. A deep competitor analysis can help here too.
Analyzing the reviews and audience-generated content for your competitor’s brand can help you unlock problems and frustrations that were previously non-existent. It can give you extra leverage for your brand and create high-impact net sales revenue collection. The best part? You can serve one customer with your complete product line and increase the value of each of them. So the question is, where can you discover what the audience thinks about your competitors?
Look into the FAQ sections, social media channels, customer reviews on their website, online events, brand mentions, and more.
4. Build A High-Performance Process
The lion’s share of your business success attributes to how well your team performs. The saying is, “teamwork makes the dream work.”
However, team building is often more tricky than it seems at the surface level. There are many considerations. From hard skills to soft skills to mindset, you need to ensure all your team members align with your organization’s culture. It is the center where analyzing your competitor’s businesses can help.
Understanding their business operations, job roles, and specialists would help you to unlock your growth potential. But there is more to it.
Try to get hold of their HR (human resource) policies. What is essential for their hiring? Which strategies do they employ to retain their best employees? What perks do they give? What kind of productivity and focus improvement tools have they integrated into their systems? All these questions will help you improve your team and build a culture of growth across your entire business.
The best part is fostering an innovative mindset from the lowest tier to the highest in your business. Your competitors can also help you understand how to speed up your processes. It all comes together when you take the time to analyze your competitor’s products.
Determining what productivity tools they use to accelerate business operations can help you understand if they are feasible for you? Do they use heavy automation? Do they have any separate data analytics departments to create lean and data-centric processes? What is their technological leverage?
Mapping all these can successfully help you optimize your brand and operations and create a superior product faster than you think.
5. Locate Threats and Risks
No business can ride the growth ladder all the time. Decline and regression are inevitable. But to sustain and bounce back, understanding where your business is most vulnerable is critical.
Threat analysis precisely addresses this issue, and competitor analysis is a great way to do that.
Knowing what the other runners in your market are currently facing or have faced in their years of operation gives you a standardized defense plan to mitigate the threats. Analyzing their historical data to create detailed reports can help you create a more flexible business landscape for your business.
But as your business is dynamic in nature, you need to do this audit frequently. The best part? It can help you guard your brand name and help you turn down potential risks of the near future.
Conclusion: Analyse Your Competitor’s Products
Building a sustainable venture will be much hard work. There are multi-level layers of complexities to reach success.
But taking a data-centric approach to analyzing the hurdles is the best way to reach your final destination. Competitor analysis is by far one of the most significant breakthroughs you can have in building a unicorn. One successful strategy in the corporate sales environment is to always analyze your competitor’s product
It bridges the gap between the known and the unknown. So now there is just one question left to answer. Are you going to take the plunge to integrate competitor analysis and turn your business into a growth machine?
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Sales Tips: Analyze Your Competitor’s Products
- Know your products and services well enough to succinctly convey what you offer.
- Remain up-to-date on how your products differ; make it a habit to analyze your competitor’s products.
- Never bad-mouth what a competitor has to offer; only explain how yours differs from theirs.
- Before you sell, determine the level of interest and the potential need.
- Keep your communications brief but insightful and understanding.
- Always analyze your competitor’s product
- Create goodwill to encourage good word of mouth and testimonials.
- Deliver on all promises and, if possible, go beyond expectations.
- Create a returning and referring clientele.
- Celebrate Success!
Today’s insights are provided to help you achieve the Smooth Sale!
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