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COMPETITORS ANALYSIS
Find today the strengths and weaknesses of current and potential competitors. 💪
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WHAT IS COMPETITORS ANALYSIS?
A competitive analysis helps you learn the ins and outs of how your competition works.
It also helps you identify what they're doing right and opportunities where you can easily one-up them by using a strategy they haven't taken advantage of.
This analysis provides both an offensive and defensive strategic context to identify opportunities and threats.
WHY IS IMPORTANT?
By performing a competitor analysis, you'll be able to:
• Identify strengths and weaknesses of competitors.
• Identify gaps in the market
• Develop new products and services
• Uncover market trends
• Market and sell more effectively
As you can see, learning any of these four components will lead your brand down the path of achievement.
Once you identify your true competition, you'll need to determine what metrics you'll be comparing across the board.
TOP BENEFITS OF SEO & LOCAL SEO 🏆
Avoid Costly Mistakes
By analyzing your competition, you can learn from their failures and avoid making the same mistakes that could potentially ruin your business.
Know Where You Stand
It’s always important to know where your business stands in relation to your competitors. While you may think that your conversion rates are good, how do they compare to others in your niche?
IMPROVE YOUR BUSINESS
By analysing your competitors, you have the ability to improve your business with the data you will collect. Cause you will better understand where competitors are crushing it.
spot new industry trends
Being able to predict upcoming trends in your industry is a huge asset for your business. By gathering competitive intelligence, you can analyze the data you collected from your competitors and predict where the market is shifting.
Identify COMPETITORS Strengths & weekness
It helps you gauge how to curb competitors and refine your strategy. Conducting a competitive analysis is important because you'll build, Strategies for how to expand into a new market.
HOW WE DO IT
1. FIND TOP COMPETITORS
We’ll choose your industry top 3 to 5 competitors for the analysis. We consider competitors you come up against on a regular basis and where you have similar capabilities
2. ANALYZE COMPETITORS ONLINE PRESENCE
We all start our buying process with an online search, so this is the most obvious place to gain an advantage or lose the advantage.
3. LIST COMPETITORS STRENGTHS
Examples of strengths we include: online presence, ads position, company size, location, focused value proposition, specific target market, deeper or broader offering, faster delivery, lower price, certain quality standards, etc.
4. LIST COMPETITORS WEAKNESSES
Weaknesses should be considered in the context of the market where you compete. Examples of weakness we include: small or non-existent sales team, low gross margin, low net profit margin, low cash flow, poor website structure, non-mobile responsive design, & etc.
5. IDENTIFY YOUR OPPORTUNITIES
Based the data we will gather from competitors analysis, we will be in a position to identify your business opportunities against competitors.
FAQ
Most frequent questions and answers
Competitive analysis is a way to identify competitors, and understand competitor’s strengths and weaknesses in relation to yours. It helps you gauge how to curb competitors and refine your strategy.
This analysis help you avoid costly mistakes.
There are several markets where it is relatively easy to name every competitor, so it’s recommended you do so if possible.
If you are selling in a market with dozens of competitors, it is unrealistic to collect and maintain information on each one. In this case, it would be inefficient to analyze every single one of your competitors.
We always find the top 3-5 competitors in your niche and we gather data from them for our competitive analysis.
If you want to get started today, reach out to us at contact@loopdigitalmarketing.com or call us at +35797809104
HAVE ANY QUESTIONS? 💬
ASK US WHATEVER YOU WANT! 👍
contact@loopdigitalmarketing.com
+357 97809104