Once you have completed your competitive analysis list, you can map the market, including your own company. This allows you to visually understand where your company stands in the market. There are three ways to map.
- Mapping the albania cell phone number list relationship between price and benefit
- Map along two key elements of customer value
- No axis, but mapping divided into four phenomena or elements
⑦ Identify your company's strengths and weaknesses based on the information you have so far.
Use the information you have gained from your competitive analysis to understand your company's strengths and weaknesses. We recommend using a framework called SWOT analysis. However, you do not need a full-scale analysis for your business strategy. The reason is that to conduct a full-scale analysis, you need not only a competitive analysis, but also an analysis of the external environment and your own company.
8. Plan a strategy
Finally, create a strategy based on competitive analysis. It is important to know how to compete in the market and how to differentiate yourself from other companies. Consider creating a strategy with the following points in mind:
・Oversupply
- Decline in unit prices across the market
・Differences in functionality and services compared to other companies
・Strengths of your company that you haven't promoted much
- Industries where business is growing and markets where change is occurring
Based on the above indicators, consider your company's desired position, price, target, and product design.
Recommended tools for competitive analysis and research
Here are five recommended tools that are useful for competitive analysis and research.
・Similarweb
・eMark+
・NEIL PATEL
・App Ape
・BuiltWith
Be sure to pay attention to the differences in how each tool is used.
Similarweb
Similarweb is a useful tool for analyzing websites. You can also check keyword search volume and number of visitors. There are free and paid plans available, but you must contact us to purchase the paid plan. Prices vary depending on the options and the scale of the analysis. This tool is recommended for those who want to analyze the number of people accessing competing sites and their targets in detail.
eMark+
eMark+ is a free tool that allows you to analyze the following:
・Specific site analysis
- Competitive analysis of specific sites
・Investigation of users and targets who accessed the site
・Discover search keywords
It is possible to respond to changing needs, research the latest trends, and analyze the behavior of targets on the site. We analyze not only online behavior but also offline behavior. This is a service recommended for those who want to quickly find out changes in demand using a tool.