Competitive landscape analysis

One of the most annoying things in business is when your competitors are getting ahead  of you and you don’t know why. Even though your goods are great, your customer service is great,  and your marketing is sharp and full of useful information, your market share is  still going down. You can’t just watch your rivals and wonder what they’re doing right  to solve this puzzle. You need to be methodical and make a study of the competitive landscape. A competitive landscape analysis is a proactive way to find out how you stack up against other companies in your business.
By using the strengths of your business, you can close the gap between you and your rivals and avoid taking a purely reactive approach. To do it right, you need to plan and put in some work, but the results can be big. What is a study of the competitive landscape? A competitive landscape study is a way to find and learn about your competitors in a planned way. You  do a thorough study into how they make products, market them, sell them, and handle other important  tasks.

Instead of guessing why you aren’t doing well, you can make counter-strategies based on  accurate and reliable facts from the analysis. An study of the competitive landscape should  look at five main things: Who your business’s rivals are What your rivals sell and how they do it The pros and cons of your rivals How your competitors are achieving their goals and how you can do the same The overall picture for the market Every business, from small start-ups  to the biggest companies in an industry, can gain from a competitive landscape analysis. Finding out what your competitors are doing to increase their profits is a great way to increase your own. What a competitive landscape study can do for you A study of the competitive landscape tells you where your business could go in the future. In the short run, it shows what needs to be done next.

By taking a careful look at what your competitors are doing, you can find out more about your potential customers and how you can reach them better. When you look at the competition, you can also get a better idea of what your company’s unique value proposition (UVP) is.

When you know your unique value proposition (UVP), you can focus on the things that make your business stand out.

These are the things you do better than your competitors or differently. Businesses that do well know how important it is to do a competitive landscape study.

Competitive  research is done by about 90% of the Fortune 500 companies. 69% of businesses that have outsourced  their competitive intelligence work have said that it was a good decision overall. Any business can  start getting the benefits of this useful practice as soon as they have a good plan  and the right tools. Here’s what to do first. 8 steps to make a framework for analyzing the competitive scene

1.Get in order If it’s not organized or ordered, reams of raw data won’t tell you much. The first step  is to make an organization tool for your info. Make a matrix or worksheet that you can change,  sort, and share. Having a way to see how your data looks can also be very helpful. You’ll end up with a lot of different data and information to record, but you can start by making a list of your known rivals and putting them into groups.
2.Identify your competition Who are you up against? And how should you put them in groups? You probably know the answer to the first question right  off the top of your head, but you shouldn’t just study the most obvious competitors. Start with a list of ten competitors and sort them into three groups: main, secondary, and tertiary. The main category is for your straight competitors, which are companies that make or sell almost the same thing as you. They are close, but not exactly the same, as the main competitors.

Your  secondary rivals are businesses that sell a version of your product with  different features or that market to a different group of people. In the tertiary category are companies that sell something that is truly  different from what you sell and could be bought instead of what you sell. To take your competitive analysis approach to the next level, you can also add an industry benchmark to see how you and your rivals compare to the averages for your industry.

3. Look at what they say Once you know who the players are, you can start to look at the information they put out and figure out what it means. Pay attention to: How they advertise the way they show things Their website and everything they put on it (blogs, whitepapers, eBook’s, testimonials, emails, etc.) Videos, webinars, and podcasts are all types of multimedia material. Using software tools to find and scrape the material is one way to do this. Don’t be afraid to do study by hand when you need to.  Pretend you’re a customer and go through the buying process to see what material your competitors offer. See what topics, ways of communicating, and choices about branding stand out the most.

4. Check their social media pages. Social media is one of the best ways to find out about your competitors. Buyers  are looking to social media more than ever to get real, unfiltered information and talk about  what they might buy. Businesses that sell to consumers and businesses that sell to other businesses are both rushing to meet this demand with a strong social media presence, a consistent voice, and a lot of material. Most of the time, social media is the best place to get a sense of a company’s brand image. It’s an easy way to find out about their latest marketing plans and how they interact with their customers.

Because social media is so big, tools that help you listen to it can be very helpful. In fact, using social listening for competitive analysis can help you make sure you’re keeping an eye on the right hashtags, keywords, and conversations that might be happening that are important to your business.

5. Look at their business plan and products. When you watch and listen in all the right places, you’ll be able to see the bigger picture of your competitors’ marketing plan. What you’re looking for is: Where are they putting the most effort into marketing? Where do they buy the ads? What perks are they giving buyers to get them deeper into their sales funnel? Pay close attention to the CTAs in their text. Look at their options to see where and how they ask potential customers to sign up for more information. Join their email list to see for yourself how they organize and order their email marketing.  Find out if they are advertising any special deals or free stuff.

With this knowledge, you can figure out how they try to turn leads into customers.

6. Look at what they’re offering and how much it costs You don’t just look at what your competitors do so you can copy them. Sometimes you can see what isn’t working, which is something you don’t want to do. It’s also important to think about how a good plan for a competitor might not work for your business. This is especially true when you are looking at secondary or tertiary rivals. But when setting your costs, it’s important to know what your competitors charge for similar goods or services. You can’t win the battle for people if you charge too much.

On the other hand, lowering competitors’ prices by a lot can mean lower quality or less customer service. You can also find out a lot about what customers want by looking at normal sales for the kind of  goods you sell. This information can help you decide if it makes sense to offer customers free trials, deals, or subscriptions as ways to get them to buy from you.

7.Figure out where they are Companies that have a good marketing and communication plan know how important it is to stand out in the market. Hey, do this by coming up with ways to be different from their competitors. When you look at what your rivals are saying, look for the themes and ideas that set them apart. Imagine that there are three pizza places on the same block. One has the biggest pieces, another has the quickest service, and the third says it has the healthiest ingredients.  All of them are in competition, but they all stand in very different ways.

To come up with your own unique selling point, you need to know how your competitors are positioned.

8. Use SWOT, the PEST, and other models to analyze the competition. For a competitive landscape research process, you don’t have to make up  your own structure. You can use models that have been used before, like SWOT and PEST.
SWOT is an acronym for Strengths, Weaknesses, Opportunities, and Threats. Your business’s strengths and flaws show what it’s like on the inside. Threats and opportunities are outside factors. In a competitive landscape analysis, you try to figure out the SWOT factors of your rivals so you can compare them to your own. PEST is an additional framework that looks at external issues in more depth.

It looks at how a business responds to political, economic, social, technological, and sometimes legal and environmental forces. You can look into other models, but SWOT and PEST are the ones you need to start with.

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