Your competitors are any companies that threaten your revenue. Common sense dictates that the more you know about your competitors, the more you can learn from their mistakes, exploit their weaknesses and share their strengths.
In marketing terms, competitive analysis may deal mainly with the public image of your competitors – how they sell themselves, examining successful advertising campaigns, understanding their brand and unique selling points.
To help achieve this, it is important to build a complete a picture of your competitors as possible, from company size, revenue, market share, capital and resources and product quality to recent growth, public image and marketing strategy.
Our team of experts at Cartoozo can help you assemble this picture and discuss how to maximise your knowledge for the benefit of your company or business.
What’s Involved In Competitive Analysis?
Competitors that are public traders may publish fairly complete records detailing their revenue, growth, sales and size. For those that don’t, industry publications, media coverage and their own marketing materials can offer useful insight for competitive analysis.
Google Alerts, Twitter, Facebook and LinkedIn Answers and Groups are vital sources of information when it comes to being aware of your competitors’ actions online and their brand image.
Visiting your competitors’ websites from the perspective or a potential customer is an interesting exercise. Is their site easy to use? Engaging? Is the content easy to find and well-presented? Make a list of the techniques that you admire and see if they could be applied to your own website.
How We Can Help
At Cartoozo we undertake competitive analysis specifically tailored to discover the strategies your competitors are using and evaluate new technologies, new business plans and new opportunities.
We identify your competitors’ business relationships and partnerships, market segmentation and business model.
Who are your competitors attracting online – we examine the audience that respond to your competitors’ brands.
What keywords are they using – we analyse the keywords that your competitors are using, particularly if they have maximised any niche words within your industry.
Online advertising – we examine competitors’ use of PPC, banner advertising, context-based advertising and local search marketing to discover their secrets.
Affiliates and advocates – we determine whether your competitors use advocates, viral marketing and social media campaigns, and with what success.
Talk to the buyers – the most effective information comes not directly from the competitors, but from the people who use their services and buy their products. We talk to this audience to discover their reasons for engaging with, or not engaging with, a competitor’s brand.