Competitive analysis is essential for understanding where our product stands in the market. The insights gained from such an analysis assist us in identifying priorities and effectively strategizing.
The goal is to determine what gives us an advantage, whether through innovation, collaboration, or something else.
Product competitive analysis is typically done by comparing features. It aids in visualizing how our product compares to other products in terms of features.
To accomplish this successfully, you must first determine which features add the most value to the user and thus the outcome.
The Jobs To Be Done (JTBD) framework can help with this. Comparing products based on their value to the user’s workflow is the most objective way to conduct competitive analysis.
First, you understand your competitors and what they offer to stand out from the crowd. You can then provide additional services that none of your competitors do.
It will also assist you in setting competitive prices and becoming the go-to source for the products or services you provide.
Once you know your competitors’ strengths and weaknesses, you can quickly develop marketing strategies to overtake their business and increase your revenue.
Let’s look at how to identify your competitors and use your information about their strengths and weaknesses.
Strength of Competitor JTBD
Know your Competitor
The first step toward genuinely meeting your competitors is learning how to identify them. Keep an eye out for businesses in your area that offer similar products or services to the same clientele.
These are your direct competitors. Keep an eye on their activities at all times, especially if they appear to have a competitive advantage over you at the time.
Another crucial category is future/potential competitors. Companies provide the same products or services as you but to a different market segment. Future competitors are likely to enter your market soon, so keeping an eye on them is critical.
Of course, conducting market research is one of the best ways to find out who your competitors are. On the other hand, market research goes even further, allowing you to look more closely at who is currently in spaces such as the automotive industry, their estimated market share, and other facts that can help you better understand their current position.
You can see who is in a position of strength and who is fast-fading that you might be able to poach some customers.
Looking online is another way to assess your Competitor’s strengths. Reviews of the quality of their products can assist in identifying any potential strengths – or weaknesses.
It is also good to rank your direct competitors from strongest to weakest. To best compartmentalize this, you could label your competition as Primary Competition (implying they are your direct competitors) and Secondary Competition (they offer a slightly different version of your product).
Tertiary Competition (this includes businesses that may have a concrete connection to you), This process should help to determine which companies to concentrate on and which to keep an eye on for the time being.
Checking their stock market price is one of the best ways to get an accurate valuation of your competitors.
The value of a company or Market capitalization is calculated by multiplying the stock price by the number of shares outstanding.
Stock apps review the best stock trading app UK for potential investors or anyone interested in determining the market capitalization of their business competitors. This app can help you identify a company’s market cap and how a stock has performed yearly.
How to know the weakness of Competitors in JTBT
The first step is to conduct a competitor content audit; This allows you to see what kind of content they’re producing and how it’s assisting or hindering their content marketing campaign.
Examine your Competitor’s various blogs or articles when conducting a content audit. What is their current position on the search engine results page (SERP)? Do they produce more of one type of content than another? Is there any content that they do not deliver?
One of the most important questions is the last one because it can assist you in discovering unique and original content for your marketing campaign.
Low-hanging fruit is keywords your competitors rank for, but you do not. Essentially, they are simple keywords for you to target.
That’s because you know your target audience is already searching for them, and other businesses benefit from them.
When identifying “low-hanging fruit” opportunities, look at how your competitors target those keywords. Is there any way you can target them differently? Is there a distinct angle you can take on each topic?
Social media, in addition to email marketing, is a growing distribution channel that will only grow in importance over time. A competitive social media analysis sheds light on content promotion and amplification.
Examine the frequency of posting and the platform’s usage.
Certain social platforms are more advantageous depending on your market. Companies shifting their social spending to fewer, higher-value platforms will be a top B2-B marketing trend.
Examine how frequently competitors post, the tone and media they employ, and what appears to be gaining traction.
Learn about their social engagement metrics.
Strong social signals are becoming increasingly important to overall web presence, providing companies with powerful social media metrics with additional authority and ranking potential.
Your competitors each have their own set of strengths and weaknesses. Learning and analyzing these is critical for your company’s profits. It’s not always an easy task to complete, but it has to be done one way or another.
Understanding your competitors will help you increase your total revenue and build your brand image. Gather all pertinent information about your competitors, such as their pricing strategy, strengths, and weaknesses. The data can then innovate and add value to your business.
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