When starting a business, whatever it may be, the ultimate objective is, without a doubt, to conquer and consolidate your space in the market. However, increasingly, scenarios are highly competitive and constantly uncertain. Therefore, what should a businessman do to stand on solid ground when placing himself in the market? The answer to this question is simple: create awareness of what other companies in the same industry, that is, competitors, are doing. And for this, the smartest strategy is competition analysis . In this text, we will provide a complete guide for you, the entrepreneur, to understand in depth what competition analysis is and why it is so important for your company's performance in the market. Follow and stay up to date with everything. Learn how to analyze a company's competition, how to analyze competitors and more about the concept of market analysis. | Photo: Freepik . What is competition analysis? But, after all, what does the competition analysis process consist of? By definition, competition analysis is the detailed study of what companies that are your competitors offer to the public, how they manage their business and how they are seen by customers and potential customers. In general, the public strategies that the company operates in the same field as you have. What is the purpose of carrying out a competition analysis? To start putting this competition study into practice, it is necessary to pay attention to some factors, after all, it is not just about keeping an eye on the competing company, this look must be extremely critical and intelligent.
It is important to focus on what is different between you Qatar Mobile Number List and your competitor, always aiming to stand out in the market, something that sets you apart, it could be location, price, internal and/or external communication, specialization, products, superior quality services, personalized service, and so on. However, don't just focus on what makes them different, also pay attention to what brings them together: the public. Always pay attention to what your competitor's audience is liking, whether customer needs are being met and thus, build your relationship with your clientele. How to carry out competition analysis? Carrying out a good competition analysis, which will bring advantages in the job market and differentiate your company from others, is not very difficult; It's just ongoing work. Ideally, there should be a person or even a team, depending on the size of the corporation, who is responsible for the area. However, if this is not possible, what is necessary is to develop a strategy plan focused on competitive intelligence and follow it to the letter. To start drawing up this strategy plan, it is important that some steps are followed: define the main objectives of the company's competition analysis; choose which criteria and factors will be analyzed; and apply the results in the corporation's day-to-day operations. When putting your competition analysis into practice, it is important to define the objectives of the market study that will be carried out: orient yourself in the market and best define the amounts that will be charged; increase your popularity among customers; conquer a new target audience; among many other things that may be at stake in the case of your company.
Once these objectives are listed, it will be much easier to guide the direction of the market study, facilitating searches for data. Competitor analysis implies the recognition of strategic groups. Understand why competitor analysis on launch aspects is also important. | Photo: Freepik . 3 methods to analyze your company’s performance against competitors After defining the objectives of a competition analysis, it is time for a crucial step that will give the true direction to the process: choosing which criteria and factors will be analyzed. At this point it is important to list the priorities already aligned in the previous stage and go after the data that is really relevant. Typically, searches are by number of employees in the company, data on the foundation and management, annual or even monthly revenue, main products, sales and discount policy, Market Share, marketing strategies and internal and external communication. With all this data already collected, researched and properly analyzed, the time has come to actually get your hands dirty and invest in your business based on this competition analysis. Invest in what should be invested, improve what should be improved and, most important of all, maintain a certain continuity in the process, so as not to lose pace and end up being swallowed by market advances. It is important to highlight that the internet is currently at our disposal for everything we need; We are just a click away from many things, and the competitive analysis process for your business is no different.