As the famous Sun Tzu quote goes, “If you know the enemy and know yourself, you need not fear the result of a hundred battles.” This can hold true in a variety of areas — including business.
If you know your competition and know yourself, you’re far more likely to be successful. One way to do this is through a competitive analysis. A competitive analysis is a strategic tool that helps you evaluate your competitors’ strengths and weaknesses, as well as the threats and opportunities in your industry.
It can be a great way to uncover your competitors’ marketing strategies and set a baseline for your own business to build off of. In this guide, we’ll show you how to conduct a competitive analysis and use it to uncover your competitors’ marketing strategies.
1. Create a list of competitors
First things first, you need to identify your competitors.
This can be a little tricky, especially if you’re a new business or are entering a new market.
A good rule of thumb is to look for businesses that are targeting the same customer as you, even if their product or service is different.
For example, if you’re a personal trainer, your competitors may include other personal trainers in your area, as well as gyms, weight loss programs, and even meal delivery services.
Once you have a list of competitors, you can start to dig into their marketing strategies.
2. Visit their websites and explore them
Another easy way to uncover your competition’s marketing strategies is to visit their websites and explore them. Most businesses will list their marketing strategies and tactics on their websites, so this is a great place to start.
Look for things like their social media profiles, email lists, and any other marketing channels they use. You can also look for any promotional content they have on their site, such as blog posts, infographics, and videos. For instance, if someone is looking for Tissot watches, they might find promotional materials showcasing product launches, brand partnerships, or customer testimonials.
3. Get to know their customers
The best way to get to know your competitors’ customers is to talk to them. This may sound like an odd concept, but it’s actually quite easy to do.
For example, you can use social media to connect with your competitors’ customers. This can be a great way to get to know them and find out what they like and dislike about your competitors.
You can also use surveys and questionnaires to get to know your competitors’ customers. This can be a great way to get feedback on your competitors’ products and services, as well as find out what their customers are looking for in a company like yours.
Finally, you can use online reviews and customer testimonials,“i.e the main online reputation management tools,to get to know your competitors’ customers. This can be a great way to find out what your competitors’ customers really think of them, and it can also be a great way to find out what their customers are looking for in a company like yours.
4. Sign up for their newsletters
Sign up for your competitor’s newsletters.
This will give you a good idea of what kind of content they’re creating and what they’re promoting.
It will also give you a good sense of how often they’re sending emails and what kind of offers they’re including.
You can use this information to inform your own email marketing strategy.
Conclusion
It’s important to analyze your competition to understand what you’re up against and where you can improve. Use the tips above and in our Part 2 to start conducting a competitive analysis today.
