Competitor analysis is a vital part of the strategic planning process.
Whether you’re a start-up, SME or large company, only good can come from analysing your competitors.
Competitor analysis has several important roles:
- Generate understanding of your competitor’s past, present and most importantly their future.
- Help you manage and understand the competitive advantages/disadvantages each competitor offers.
- Provide you with the basis to develop strategies to achieve competitive advantage in future.
- Help forecast how competitors might respond to new products or pricing strategies.
Before starting your competitor analysis conducted it is important to get a list of your competitors and also a list of features you want to measure, track and analyse. Vision One offer free competitor analysis as part of our brand awareness, brand tracking projects.
By identifying the strengths and weaknesses of your competitors, you will be able to improve your marketing plans. It will also help you find ways to differentiate yourselves and find commercial advantages (where they exist).
Once you have completed your analysis, you then need to consider a SWOT analysis. A SWOT will help you decide which marketing strategy you should use to get the best result for your business.
If you have any questions about how Vision One can help you with competitor analysis, please don’t hesitate to contact us. Please use the contact form below or feel free to call.