How can you better understand your company's competitors?

To define your competitor, you need to understand your consumers, products and industry in and out. Without that, any competitor benchmarking exercise you do will be futile. Competitors can be classified in these categories majorly: - Direct competitors (Hero products same) - Indirect competitors (Ancillary products same) - Potential competitors (In the same market with different products) At Mave, we study each and every player in the space, including NGOs, not only to understand their products and their shortcomings but also to understand what has been working for them or why are they doing well. We also look at similar companies which are performing well in other geographies (do not necessarily have the same product).

The best way to understand your competitors is through their customers. A customer is the best judge to understand the strengths and weak points of a brand. The second important factor is data which enables you to understand the strengths. Combining both, you can reach a conclusion based on insights rather than intuition.

Understanding your competition is crucial for business success, and there are several strategies to gain insights into their operations, strengths, and weaknesses. Market Research, SWOT Analysis, Customer Feedback and Reviews, Online Presence Analysis, Benchmarking, Financial Analysis, Mystery Shopping, Competitor Surveys, Continuous Monitoring, Stay vigilant and continuously monitor your competitors. Set up alerts for news, changes in leadership, or major strategic shifts.

Descifra el tablero de ajedrez del mercado como un gran maestro. La clave para comprender a tus competidores no es solo saber quiénes son, sino también por qué destacan. Observa el mercado como un mapa estelar, cada competidor es una constelación, definida por su brillo en precio, calidad o innovación. Construye tu propio mapa de posicionamiento, conectando puntos en un cosmos de competencia. Al contemplar este universo, no solo ves dónde están tus rivales, sino también los espacios vacíos, las oportunidades para tu propia estrella brillar. Con cada movimiento estratégico, no solo avanzas, sino que transformas el juego.

Start by identifying who your competitors are, considering factors like size, location, niche, quality, and pricing. Classify them as direct, indirect, or potential competitors based on how closely they align with your value proposition and customer base. Use a positioning map to plot competitors on two key dimensions relevant to your market, providing a clear visual of where you and your competitors stand.

Collect comprehensive data on your competitors using both primary and secondary research methods. Conduct surveys, interviews, and observations, and review online sources like social media, websites, and industry reports. Utilize tools like Google Alerts, SEMrush, or SimilarWeb to track competitors' online activities, keyword strategies, and content. The more diverse and extensive your data collection, the more nuanced your understanding of the competitive landscape will be.

Conduct a thorough SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis of your competitors. Use a SWOT matrix to organize and compare these factors. This analysis will help you understand your competitors' internal strengths and weaknesses, as well as the external opportunities and threats they face. By comparing their SWOT to yours, you can identify your competitive edges and potential market gaps to exploit.

Conducting a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) of your competitors is a valuable strategic exercise to gain insights into their market position.

Conducting a thorough analysis of your competitors involves employing the SWOT framework, which delves into their strengths, weaknesses, opportunities, and threats. This strategic evaluation encompasses internal and external factors influencing their performance and potential. Utilizing a SWOT matrix facilitates the organization and comparison of these insights with your own SWOT analysis. This process unveils your competitive advantages, disadvantages, and reveals market gaps and risks, providing valuable insights for strategic decision-making.

Conducting a thorough analysis of your competitors involves employing the SWOT framework, which delves into their strengths, weaknesses, opportunities, and threats. This strategic evaluation encompasses internal and external factors influencing their performance and potential. Utilizing a SWOT matrix facilitates the organization and comparison of these insights with your own SWOT analysis. This process unveils your competitive advantages, disadvantages, and reveals market gaps and risks, providing valuable insights for strategic decision-making.

You can employ tools like surveys and feedback collection, you can gather valuable information about customer satisfaction, preferences, and pain points. This data can help shape your own strategies for customer attraction, retention, and satisfaction. Also, in gaining new customers as well.

Brandwatch emerged as a game-changer for tracking competitors' social media activities. This tool offered real-time monitoring of mentions, sentiment analysis, and trending topics within our industry. By staying attuned to competitors' social presence, we could swiftly adapt our content strategies and engage with our audience in more impactful ways. Brandwatch became our lens into the dynamic social landscape, allowing us to respond strategically to shifts in competitors' actions.

No company remains the market leader forever. It's imperative we business owners are on the look out for flaws in our competitors marketing to use to our advantage. You can also use free tools online to check for keywords that generate traffic to your competitors website and adapt it on yours. In the current economy, pricing plays a role in whether a customer buys or not. Do you want to be a bespoke provider or mass market item? Answering these questions will help businesses better position themselves for 2024

While it is important to monitor and analyze your competitors, ultimately every business needs to do what they do uniquely. There are probably 100+ hamburger franchises, and while they all need to watch what McDonald’s and Burger King are up to, they need to maintain their own unique customer experience that makes their hamburger different from everyone else.

Tracking competitors customers feedback & Reviews on Google & other social media platforms, to identify areas where your competition is lacking and use this as an opportunity to improve.

It's beneficial to delve beyond the typical realms of market reports or website analysis. Consider attending industry events or conferences where competitors might share information, insights, or future strategies through presentations or discussions. These can offer valuable glimpses into their plans or challenges. Moreover, empathetic analysis involves stepping into your competitor's shoes. Try understanding their drivers, goals, challenges, and probable reactions to market shifts. This approach helps anticipate their next moves, strengths, and potential weaknesses not evident through data analysis alone.