In a dynamic business environment, competition is inevitable. No matter which niche you’re in, there will always be several others doing the same and trying to do it better than you. In such a scenario, it is important for businesses to be aware of about what the competition is up to in order to stay ahead. This is where a competitive analysis comes into play.
Analyzing competitors is not a new concept. Where there’s competition, there has always been the need to scrutinize them to plan your own moves better. Not only does a competitive analysis help in mitigating the competitive threat, but it also presents new ideas for improvement and opportunities learn from their successes and mistakes.
The biggest challenge, however, lies in getting timely and accurate information about your competition. Fortunately, we live in an age where information is abundant and there are smart technologies to access it as and when you need it. It has opened new and improved ways to gain competitive intelligence, provided you know where to look. Here are the five key areas that are crucial for performing a comprehensive competitive analysis in 2018 and beyond
A website is the face of an organization in the 21st century. It’s one of the primary touch points in a customer’s journey and, therefore, analyzing your competitor’s website is imperative to understanding how they attract and convert customers.
A website competitive analysis can reveal their value proposition, how they present themselves online and communicate with their audience. Some of the things to consider when analyzing a competitor’s website include the content, the customer experience, design, and functionality to see how you stack up in comparison.
A Search Engine Optimization (SEO) analysis is a crucial part of a website analysis. A website’s SEO is a key driver of traffic and determines how it ranks in search results. Analyzing your competitor’s SEO can reveal their search traffic volumes and provide insight into the factors that attract customers to their website, helping you save time on keyword research. Though the use of website analysis tools, look for paid and organic keywords that drive the most traffic to competitor sites. This will help you identify new keywords to incorporate into your SEO strategy and find ways to improve your search rankings.
Social media listening
Social media offers a wealth of consumer data. Through the use of social media listening tools, you can analyze this data to get a deeper understanding of the competitive positioning and health of a brand. It helps compare what people think about your brand versus your competition and also what your competitors are talking about, revealing the strengths and weaknesses of your own business as well as that of the competition.
Patent and investment research
Patents filed by the competition can highlight their technology focus areas and help you prepare for game-changing breakthroughs. Analyzing your competitor’s patents and investments can give an idea of where your industry is heading to and what future could look like, thereby, allowing you to take steps in the right direction.
Analyzing competitor patents can also help you identify and build important partnerships for sustainable growth. Based on the kind of technology investments made by your competitors can help you decide which innovators to partner with in order to gain a competitive advantage. 70 percent of Xiaomi’s patents are acquired from other organizations and have helped them grow as a brand.
Automated market intelligence
In today’s fast-paced business environment, decision-makers need to respond quickly, which means faster access to information and insights. There’s no time to go through report after report. You need smart, integrated market intelligence tools that can provide timely market and competitive information.
Automated market intelligence platforms, such as Onsense, can provide quick information and insights for faster decision-making. Integrating data from multiple sources like trade journals, syndicated research, and social media, these platforms not only save you the trouble of having to wade through large amounts of information but also ensures you get only relevant information specific to your needs.
Competitive intelligence is key to surviving the rapidly-increasing pace of business. In the face of political, technological, regulatory, and industry changes, organizations need a systematic way to stay informed about the competition for better strategic planning. Netscribes integrates multidimensional data sources to provide a 360-degree view of the competitive landscape. Speak to us to request a consultation.