Competition has always existed and online media is no exception. We help you understand your positive and weak points compared to your competitors to create a competitive advantage for you. We study website design, user interface, interactivity and application designs of your competitors and at the end submit a detail structured report to you. We give you an edge over your competitors with our analytical expertise.
Competitive Analysis is one of the crucial parts in any companys marketing plan. It is a process of gathering and analysing information about your competitors, their practices, products, strengths and weaknesses and business trends in order to assess your position in the market and improve your products and marketing strategies. It provides both an offensive and defensive strategic context to identify opportunities and threats.
Competitor analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors. It provides both offensive and defensive strategies. Therefor it helps to identify opportunities and threats. Every business has competition and so it is crucial to know strengths and weaknesses of your competitors.
Competitive Analysis can be a time consuming and complicated process. We have enlisted some simple process you can follow to identify, analyse, and determine the strengths and weaknesses of your competition.
To find your competitor, common and useful technique is constructing a competitor array. Following can be used as steps to do the same:
Once you identify your main competitors, answer these questions about each one. And be objective. It's easy to identify weaknesses in your competition, but less easy (and a lot less fun) to recognize where they may be able to outperform you:
The strategic rationale of competitor profiling is powerfully simple. Superior knowledge of rivals offers a legitimate source of competitive advantage. The raw material of competitive advantage consists of offering superior customer value in the firms chosen market. The definitive characteristic of customer value is the adjective, superior. Customer value is defined relative to rival offerings making competitor knowledge an intrinsic component of corporate strategy. Profiling facilitates this strategic objective in three important ways. First, profiling can reveal strategic weaknesses in rivals that the firm may exploit. Second, the proactive stance of competitor profiling will allow the firm to anticipate the strategic response of their rivals to the firms planned strategies, the strategies of other competing firms, and changes in the environment. Third, this proactive knowledge will give the firms strategic agility. Offensive strategy can be implemented more quickly in order to exploit opportunities and capitalize on strengths. Similarly, defensive strategy can be employed more deftly in order to counter the threat of rival firms from exploiting the firms own weaknesses.
To gather information regarding the company, one can also do the following:
1) Check out websites and marketing materials of your competitors. Most of the information you need about products, services, prices, and company objectives should be readily available. If that information is not available, you may have identified a weakness.
2) Evaluate their marketing and advertising campaigns. How they advertise creates a great opportunity to uncover the objectives and strategies of that business. Advertising should help you quickly determine how a company positions itself, who it markets to, and what strategies it employs to reach potential customers.
3) Browse browse and browse- Search the Internet for news, public relations, and other mentions of your competition. Search blogs and Twitter feeds as well as review and recommendation sites. While most of the information you find will be anecdotal and based on the opinion of just a few people, you may at least get a sense of how some consumers perceive your competition. Plus you may also get advance warning about expansion plans, new markets they intend to enter, or changes in management.
4) Examine the assessment criteria carefully. This will help you identify exactly what kind of information you need. Sometimes one criterion will be asking you for more than one thing. It's easy to miss this unless you read each one carefully.
5) Contact the organisation you have chosen to see if they produce a student/education pack. These may be produced for a variety of reasons so they are only likely to be of limited use. They may answer some initial questions and provide you with some general data about the organisation, but don't expect them to tell you everything you need to know, and don't try to 'fit' the information they contain to your needs. Try to also remember that such packs aim to show the organisation in a favourable light, and may not give you the 'whole picture'.