- Your company’s competitors
- Competitor product summaries
- Competitor strengths and weaknesses
- The strategies used by each competitor to achieve their objectives
- The market outlook
Why are competitors important to a business
Competition stimulates firms to lower their own costs and run their businesses as efficiently as possible.
But when competition is restricted – such as by one company acquiring most competitors or reaching agreements on prices with other competitors – prices are likely to increase and quality is likely to also suffer.
How do you do a competitor audit?
- Find out how competitors’ products/services work to identify the pros and cons
- Identify user loyalty and engagement in the products/services
- Uncover similar functionalities/features to see how they exist in current products/services
How often should competitive analysis be done
Nevertheless, it’s always better to be ahead of your competition’s plans with sufficient time to react, maximize your strengths and exploit your competition’s weaknesses.
Performing a current competitive analysis is highly recommended on a quarterly basisand on a monthly basis for ideal results.
What are the 3 types of competitors?
- Direct competitors
- Indirect competitors
- Replacement competitors
What are 5 competitors
There are 5 types of competitors: direct, potential, indirect, future, and replacement. Direct competitors are competitors who are directly vying for your customers.
Who are your key competitors
Your key competitors are the ones who take your customers, even if those companies do not sell the same exact product or service as you do.
What makes a company a competitor
“A company which rivals another. Two companies that operate in the same industry, make similar products, and target the same consumers, are competitors.”
What are competitor metrics
Competitive metrics, which you can see in columns in Google Ads, will help you gain insight into your competitive position.
You will observe how often your ads display in comparison with sellers advertising for the same keywords or targeting.
What is a competitor array
A competitor array allows you to consider the factors most important in your industry, and then lets you rank your competitors based on these factors, showing you their strengths and weaknesses.
A such you can perceive gaps in the market.
What are the four 4 stages involved in monitoring competitors?
- Figure out which competitors you’ll analyze
- Choose what you want to monitor
- Choose the tools you’ll use
- Pull the trigger
How do I find competitors for my business?
- Attend professional conferences
- Analyze industry reports
- Analyze your competitor’s website and SEO strategy
- Define competitor’s social media marketing strengths and weaknesses
- Analyze competitor’s content marketing strategy
- Analyze competitor’s email marketing strategy
What is a competition audit
A competitive audit allows you to track your competitors, understand their approach, and figure out what your brand might be missing out on.
The aim is to discover what works for other companies in your industry and incorporate those strategies for your brand to gain a competitive edge.
What are competitor strengths and weaknesses
If a competitor only sells one product, this may be seen as a weakness as the competitor will have limited market reach In contrast, if a competitor has a large product range, this could be seen as a strength, as the competitor is likely to be able to target a wider range of customers.
Is SWOT the same as competitive analysis
It’s essentially a decision-making tool. SWOT is a competitor analysis framework developed by consulting firms to gain an overview of a current business situation before putting together corporate strategy.
SWOT stands for Strengths, Weaknesses, Opportunities and Threats.
What should a competitive matrix include?
- Social media statistics
- Web traffic statistics
- Sales data
- Product comparisons
- Marketing and content comparisons
- Audience demographics
- Customer reviews
What are the 6 factors of competitiveness?
- the entry of new competitors,
- the rivalry among the existing competitors,
- the bargaining power of buyers,
- the bargaining power of suppliers,
- the threat of substitutes
How do you conduct an analysis?
- Choose a Topic
- Take Notes
- Draw Conclusions
What are the 5 areas of competitive advantage?
- Product Attribute Differentiation
- Customers’ Willingness to Pay
- Price Discrimination
- Bundled Pricing
- Human Capital
What are the 4 factors of competitive advantage
The four primary methods of gaining a competitive advantage are cost leadership, differentiation, defensive strategies and strategic alliances.
What are the 3 basic competitive strategies
According to Porter’s Generic Strategies model, there are three basic strategic options available to organizations for gaining competitive advantage.
These are: Cost Leadership, Differentiation and Focus.
How do competitors attract customers?
- Make Your Business Stand Out From the Crowd
- Focus On Quality, Not Quantity
- Learn From Your Competitor’s Mistakes
- Concentrate on Customer Data Security
- Stay Ahead of Your Competitors
- Get Feedback From Your Customers
- Include Dynamic Offers
What are the 5 competitive strategies?
- Cost leadership
- Product differentiation
- Customer relationship management (CRM)
- Cost focus
- Commitment to customers strategy
What are the key factors for competitive success and why?
- Specific strategy elements
- Product attributes
- Resources
- Competencies
- Competitive capabilities
Are competitors threats in SWOT
Competitor threats can be everything from supply chain disruptions (hello, 2020/2021) to new companies being formed.
If the competitor you are analyzing provides something similar to your own product or offering, these threats may be similar to your own.
In this sense, threats can be both internal and external.
What are competitive threats
A competitive threat is competition that hasn’t occurred but has potential to occur. In other words, it is a risk of competition.
As with any risk, a competitive threat has a probability and impact and may be treated.
What are the two key pillars of competitive advantage
Michael Porter defined the two ways in which an organization can achieve competitive advantage over its rivals: cost advantage and differentiation advantage.
What are the six 6 factors of competitive advantage
The six factors of competitive advantage are: Price, location, quality, selection, speed, turnaround and service.
What are generic competitive strategies
The Generic Competitive Strategy (GCS) is a methodology designed to provide companies with a strategic plan to compete and gain an advantage within the marketplace.
According to Porter, a company can leverage its strengths to position itself within the competition.
What is a competition Matrix
A competitive matrix is a way to visualize your competitor analysis. There are different kinds of competitive matrices you can use to compare yourself to your competitors.
You can use a competitive matrix to identify strengths, weaknesses, opportunities, or threats to your company.
Sources
https://getlucidity.com/strategy-resources/introduction-to-porters-generic-strategies/
https://www.bdc.ca/en/articles-tools/business-strategy-planning/define-strategy/swot-analysis-easy-tool-strategic-planning
https://writingcenter.uagc.edu/summary-vs-analysis
