Why? Competitor analysis is an integral part of doing business. Without knowing what and how competing companies sell, it is impossible to build your own growth strategy, scale up, effectively promote and sell a product/service.
How? Preparation is the most important stage of competitive analysis. It is necessary to understand who your “enemy” is, define the research goals, and interview clients. Then you can move on to a step-by-step analysis using various methodologies and services.
The article explains:
5 Reasons to Conduct Competitor Analysis
12 Methods of Competitor Analysis
Preparing for Competitive Analysis
Stages of competitor analysis
9 Services for Competitor Analysis on the Internet
5 Scenarios for Using Neural botim database Networks to Increase Website Conversion by 40%
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5 Reasons to Conduct Competitor Analysis
The detailed process of studying competitors is called competitive analysis. The specific parameters to be studied depend on the direction of the business and the tasks set before it. As a rule, competitor analysis involves studying the product range, pricing program, approach and attitude to potential clients, organization of work of marketing and sales services, profit indicators, etc.
According to the latest research by Statista in the field of social media, the number of social media users worldwide in 2023 will be 3.43 billion people. This means that this area cannot be ignored. Analysis of work in social networks involves studying the subject and frequency of publications, segments of the target audience, promotion in Yandex.Direct, and organization of targeted advertising.
Competitors may be:
Direct , which include companies offering similar products or services. An example of direct competitor analysis is Yandex.Lavka and Samokat.
Indirect , which sell similar products or offer similar services. For example, KFC and Subway. Both companies provide customers with fast food, work in the food industry, but have different approaches.
An example of competition can be an application for playing chess. It is designed to maintain brain activity in good shape and have a pleasant time. Such a resource is a competitor to educational and entertainment portals that offer to study several foreign words daily or solve Japanese scanwords. All applications of this type serve to maintain brain activity, develop the level of knowledge, and they can be easily changed.