competitive position analysis: Guide to Competitive Analysis + Competitive Analysis Templates to Get You Started

But you’re not the only one who impacts on whether your efforts are successful. For publicly traded companies, you may be able to review their annual reports and gain insight into how much revenue they’re generating, their debt and liability, and other performance metrics. It helps us make better decisions regarding the strategy of the firm. One factor that could play a crucial role in India is public opinion, which exerts a considerable influence on the government. A good example of this is a campaign by local retailers against Walmart, who feel that the arrival of the US retail giant could put them out of business.

And that’s what competitor analysis is for – finding ways to serve the customer better. To get an idea of your competitors’ ad strategy, SimilarWeb is a great starting point. Enter the URL of a competitor’s website and navigate to the Search section – it will show you if your competitors have any search ads running, and, if they do, what their target keywords are. Looking at the geography of your competitors’ mentions will let you figure out which markets they are focusing on the most (and, with any luck, find an area that isn’t too saturated yet). You’ll find a map of each brand’s mentions in Awario’s dashboard and reports, along with the breakdown of mentions by language. Another thing you can draw from competitors’ pricing is great ideas for A/B testing.

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Beatriz EstayBeatriz is a Content Marketing Manager at BigCommerce and the fashion and lifestyle influencer behind The Letter Bea, an Austin, Texas based blog. In Communication and Sociology/Anthropology from Lake Forest College and specializes in ecommerce, marketing and merchandising strategies, influencer and branding work, and social media. When she’s not curating content, Beatriz loves to travel the world, share her journey with Type 1 Diabetes, and find Austin’s most Instagram friendly spots. In our example, it’s Sony vs Nintendo, but it’s also worth considering Microsoft’s Xbox, which occupies the same general market vertical. This is critical for effective analysis; even if you’re focused on specific competitors and how they compare, it’s worth considering other similar market offerings.

• By understanding where power lies, the theory can also be used to identify areas of strength, to improve weaknesses and to avoid mistakes.
• Or, if you’re an investor, you can use these approaches to determine whether or not there’s a long term future in this industry.
• Competitive positioning is an umbrella term for a variety of different tools and processes …
• The systems, frameworks and tools inside this comprehensive program are all you need to level up.

On top of that, if you see platforms that appear to be heavily underused , those may also be worth experimenting with. Just like with the previous factors, you can compare the platforms side-by-side using Awario’s Alert Comparison report. Your next big step in analyzing the competition is looking at what their customers have to say about them. In this section, you’ll look at each brand’s Share of Voice, the sentiment behind their mentions, the key topics customers bring up when they talk about your competitors, and more. To measure these, you’ll need a social listening tool like Awario or Mention. But remember, if you want to keep a client long-term, no resource that you create for a campaign should be considered a one-and-done project.

Show where you fit in the competitive landscape

Meaning you must audit any https://1investing.in/ or service that currently solves the problem your business is trying to solve for customers and write a quick profile for each competitor. Check out our positioning and brand strategy toolkit if you’d like step-by-step guidance. Rate yourself and your direct competitors based on operational efficiency , product leadership and customer intimacy. It’s easy to think you’re the best, so be as impartial as you can be. Document the size of your market, and identify your major competitors and how they’re positioned. Herringer focuses on operational excellence so they can continually offer the lowest price in the market.

Unless incumbents have strong and durable barriers to entry, for example, patents, economies of scale, capital requirements or government policies, then profitability will decline to a competitive rate. Porter’s Five Forces of Competitive Position Analysis was developed in 1979 by Michael E Porter of Harvard Business School. It’s a simple framework for assessing and evaluating the competitive strength and position of a business organisation. This will let you see the most influential posts that mention your competition, including social media posts and blog articles from around the web. Take note of the influencers or publishers they work with – chances are they will be happy to work with you as well. Take note of authoritative platforms you come across and try reaching out to them to inquire about sponsored posts.

Project Management

These channels could include SEO, social media sites, engagement rates, and many more. You can incorporate these points into your brand and eventually build up and better position your company. Also, keep in mind the discounts and other perks your competitors offer.

Your teams can start with product management software like Chisel to help you with building the product and team management. Midori spreads visual communication tricks and tips as an Information Designer at Venngage. She’s particularly interested in helping people communicate complex information. Charts and tables are a much better way to communicate a lot of research quickly and concisely, as seen in the market research summary below. The quickest way to lose the confidence of your stakeholders is to present a messy, amateur report design.

If they’ve already made the switch, find out why they made this decision. Comprehensive market research helps establish the foundation for an effective sales and marketing strategy that helps your company stand out from the crowd. Helps you identify your product’s unique value proposition and what makes your product different from the competitors’, which can inform future marketing efforts. You must first set benchmarks before you can accurately assess your competitors. Examine your business, sales and marketing efforts objectively using the same measures with which you analyzed your competitors. When you look at market dynamics and observe customer behaviour in your industry, you can find business prospects.

Determine what products your competitors offer.

When interpreted within the context of industry and customer knowledge, they help explain why some enterprises’ products and brands perform better than others do. To draw a meaningful map, you must specify the boundaries of the market in which you’re interested. You should cast a wide net for products and services that satisfy those needs, so you aren’t blindsided by fresh entrants, new technologies, or unusual offerings that take care of those needs. It’s best to limit the geographic scope of the analysis if customers, competitors, or the way products are used differ widely across borders. Finally, decide if you want to track the entire market for a product or only a specific segment, if you wish to explore the retail or wholesale market, and if you’re going to track products or brands. You can create different maps by changing these frames of analysis.

Combined, these strategies will ensure that Unilever retains its position as a leader in FMCG. If you aim at boosting your sales, you need to develop an excellent competitive positioning strategy. Explore the following steps to do everything right and achieve your goals. Evaluate how competitors position themselves in the marketplace.

‘Comparative analysis of multi-domestic strategy of P&G and Unilever Corporation’, International Journal of Foreign Trade and International Business, 1, pp.5-8. An intense rivalry within an industry is likely due to the presence of a few particular factors. The industry is not an important customer of the supplier group.

This theory is based on the concept that there are five forces that determine the competitive intensity and attractiveness of a market. Porter’s five forces help to identify where power lies in a business situation. This is useful both in understanding the strength of an organisation’s current competitive position, and the strength of a position that an organisation may look to move into. The main driver is the number and capability of competitors in the market. If there are many competitors offering undifferentiated products and services, this will reduce market attractiveness.

Form an internal team, set a timeline, and find available and affordable resources to help you get this done as quickly as possible. As mentioned before, there are multiple ways and templates of creating a competitive matrix. To check engagement on your competitors’ content you’ll be looking at comments, likes, and shares. Pay particular attention to the types of content that tend to get more engagement and dig a little deeper to see whether that engagement is positive or negative. Click on any of our templates; you’ll enter our online drag and drop report maker tool.

IT/ITes competitive position analysis vendors, channel partners, competitors, customers and the latest disruptors impacting the tech industry. Consulting Empower your clients and your business with Competitive Intelligence for Consulting. BFSI Timely and accurate insights for success in the ever-changing BFSI landscape. That’s why a competitive analysis is so crucial to your success as a business.