One of the major ingredients of marketing is to know about your competitors. Even you have been in the business since long time, you have to find out your competitors regularly and update your competitor research.
You need to find out the similarities and differences between your product and their product, strengths and weaknesses of both the firms, difference in prices of the products and many more things. It also includes your plans to compete and the strategies that you use to beat the edge. Competitor analysis is an essential part of the corporate strategy.
Importance of Competitor Analysis-
1. Customer Awareness: Do consumers know about your product or service or are they more bothered about your competition?
2. Quality of the Product: How to stack up your product or service beside the competitor?
3. Availability of the Product or Service: Is your Product or Service easily available to the customers or your competitor’s?
4. Customer or Technical support: How well you are handling your customers than your competition?
These simple answers will provide some information and a basic analysis of competitors and with this you can formulate a marketing or business strategy.
Before starting your Competitor Analysis, you have to answer these questions-
1. You need to write a list of your competitors.
2. What are the objectives of your competitors?
3. SWOT analysis of your competitors
4. How will they respond to your marketing strategies?
Although this is a simple list, but you have to carefully dig and find out your competitors. These things must be done in an ethical way.
Shriyans Management Consultants P Ltd has been assisting many organizations in finding out their competitors and providing a report on the same.
You need to find out the similarities and differences between your product and their product, strengths and weaknesses of both the firms, difference in prices of the products and many more things. It also includes your plans to compete and the strategies that you use to beat the edge. Competitor analysis is an essential part of the corporate strategy.
Importance of Competitor Analysis-1. Customer Awareness: Do consumers know about your product or service or are they more bothered about your competition?
2. Quality of the Product: How to stack up your product or service beside the competitor?
3. Availability of the Product or Service: Is your Product or Service easily available to the customers or your competitor’s?
4. Customer or Technical support: How well you are handling your customers than your competition?
These simple answers will provide some information and a basic analysis of competitors and with this you can formulate a marketing or business strategy.
Before starting your Competitor Analysis, you have to answer these questions-
1. You need to write a list of your competitors.
2. What are the objectives of your competitors?
3. SWOT analysis of your competitors
4. How will they respond to your marketing strategies?
Although this is a simple list, but you have to carefully dig and find out your competitors. These things must be done in an ethical way.
Shriyans Management Consultants P Ltd has been assisting many organizations in finding out their competitors and providing a report on the same.
