How to do a competition analysis
Analyzing the competition is essential for anyone who wants to start a business, since it is possible to learn a lot from those who have been in the market for a long time and have experience in it.
What is a competition analysis
El analysis of the competition is part of the market study and its objective is to obtain a competitive advantage for the company. Doing it correctly allows us to know in depth the organization's environment, it helps to find a place in the market where it can differentiate itself and provide added value to customers. This is a necessary process to be able to get to know the competitors well, their strengths, weaknesses, values, customers, etc. In this post we will tell you How to do a competition analysis.
Key steps for conducting a competitor analysis
1. Identify the competitors and market leaders where you want to enter
To get started, the first thing to do is identify potential competitors, especially the main ones, and draw up a list of them to have access to all of them at any time. We must know those companies that offer the same product or service or meet the same needs as us. A good way to start if we are not very sure how to do it is to search Google and other search engines for what we sell and see which companies appear as a result. You should also spend time researching market leaders to know how they work and what they do to be references.
2. Analyze the websites and social networks of your competitors
Be present in the online world today it is essential. Once the main competitors have been identified, we must research their websites and their social media strategy to see what's working for them. In this way, we will be able to obtain valuable information to establish an appropriate online marketing strategy. Some of the Aspects that we must take into account They are what the web is like, what architecture they use and what usability and design are like, if they are oriented to SEO, what messages they use, on what social networks they are present, what types of publications they make and what is their frequency of publication, how is their interaction with the public, what is said about them, etc.
3. Determine what your weaknesses and strengths are
SWOT analysis (weaknesses, threats, strengths and opportunities) is a tool for studying a company that analyzes its internal features And your external situation. Knowing these variables will help us to be more aware and better define our competitive advantage, that is, how we differ from the rest.
