Competitor analysis is an investigation of the business strategy, products and services of your competitors. It will allow you to predict the business moves of your competition and identify where your opportunities for growth and development are. Tracking competition and the industry in general allows you to be one step ahead of everyone and it will help you to make informed decisions. No matter if it’s about marketing strategies, product prices, innovations or market trends. For a successful business strategy, you have to know your competitors. Having insight into what your competition is doing is crucial for success.
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How competitor analysis will influence your business?
For a successful competitor analysis, first you have to know your niche market. In business terminology, niche is a specific section of the market that your business is focusing on. In other words, your niche is people who are looking for exactly what you have. Your goal is to see current market opportunities. Defining the target audience and their specific needs will help you to become aware of your environment and understand your position in the market. It will help you to realize what you could offer on the market that your competitors could not.
In Katrium, we understand that running a successful business can be very hard. That is why we are dedicated to supporting your business needs and helping your company to thrive in the market.
The second step is market research. You could easily start by entering your industry keywords into the Google Search Engine. By creating your keywords list and using tools like Google Keyword Planner, SEMRush or Ahrefs, you can identify which keywords have the biggest reach. With these tools you will be able to see which websites are optimised for certain keywords.
Useful tools and resources for competitor analysis
- SEMRush, Moz, SpyFu
- Google Keyword Planner
- Ahrefs
- Direct communication with your audience, such as surveys and questionnaires
Competitor analysis inside of your niche
After defining your niche and doing your market research, it is time to focus on the competitors analysis.
- Identify primary competitors
These are the biggest players, companies that dominate the market.
- Identify secondary competitors
Companies targeting the same market, but ones you may not encounter directly.
- Identify potential competitors
These are the companies that you are not aware of at first. You need to get ready to compete with them as well.
- Analyse their strategy
You should analyse which channels are they using to reach their audience.
Look at what they can offer. How could their products compete with yours? Is there something that they are doing better? Or is there an opportunity for you to use their weaknesses?
When it comes to making a quality business plan, competitor identification and competitor analysis are key steps that you shouldn’t skip.
Here in Katrium we can help you to get insight into the market conditions and understand their advantages and weaknesses. Contact us, and determine your own position on the market!
Analysis of competitors’ advantages
One of the best methods for competitor analysis is SWOT analysis. Using this method will allow you to determine the strong and weak areas of their business strategy, and give you an idea in which direction you should go with yours.
To have a look at their market share, you can use tools like Nielsen or Statista to find reliable statistical data and sources that will help you to understand your market better.
Visit pages like Yelp, Google Review and Trustpilot to read what customers are talking about your competition.
Katrium’s tailored services include SWOT analysis of your competitors. With our expertise in market research, we can help you to create a strategic plan for your company’s growth. Explore our services and schedule a meeting!
Take advantage of market opportunities
Look closer at their weaknesses. What are they doing wrong? Where do they not satisfy the market needs? These are the areas where you have the opportunity to take the lead position. Identify their weaknesses and use them as your strategic advantages. Think about how you could make your products or services better, and how would you meet the needs of the market that the competition is currently ignoring.
Katrium can help you find business opportunities by comprehensive market research and analysis. With our customized market reports, we can help you identify trends and find in which ways your business could expand.
How to use competitor analysis for the improvement of your business?
3 ways to improve your business
- Identify the opportunities
- Where are the weaknesses of your competitors? These are your chances.
- Improve your product or service
- Using the insight into what the competition is doing right, you can improve your products or services.
- Optimise your marketing strategy
- If you see that certain keywords or types of content are doing good for your competition, think about how you can incorporate that into your strategies.
Competitor analysis and industry monitoring is a non-ending process that demands time and resources, but the advantages are huge. Check our services to gain a better understanding of the market, competition and growth opportunities. Contact us today, we can help to put you in front of the competition and ensure long-term success for your business.
