19 Oct How to Conduct an Effective Competitive Analysis!
Understanding your competitors is critical for the success of your business! To be at the top among your competitors requires preparation and studying those competitors very well. Once you understand your competitors, you will be able to find out your strengths and weaknesses as well as discover the opportunities in the market.
– Find and List your Competitors
To begin your Competitive Analysis, first, you should find and list your competitors. If you are a start-up business and don’t know all the competitors in the same industry, you can search for them using the keywords of the services/products they provide.
For example, as a digital marketing agency in Egypt, we can find our competitors by searching for “digital marketing agencies in Egypt”, “social media agencies in Egypt” or “branding agencies in Egypt”.
Additionally, if you have a website, it’s easier for you to find your competitors by using tools such as: Semruch, Moz, Ahrefs and SimilarWeb.
– Analyze your Competitors and Build Profiles for Each One
Once you have found your competitors and listed them, you should analyze all the details of your competitors. Do that by:
- Analyzing traffic and engagements
- Searching their targeted audience
- Identifying their online presence (website and social media channels)
- Checking their content
– Analyze their Marketing Strategies
Once you build a profile for each competitor, now it’s time to explore their 4 Ps of marketing: product, price, placement and promotion to better understand their marketing strategies.
– Create a SWOT analysis
Once you’ve gathered information about your competitors, it’s time to focus on your company and make a SWOT analysis.
- Determine your internal Strengths and Weaknesses
- Determine Opportunities and Threats in the market
- Compare your competitor’s strengths and weaknesses with your business