Competitor Analysis: do you know the market ($2941) · Snippets

Competitor Analysis: do you know the market

Edited Dec 01, 2022

To know your market, it is essential to make a detailed analysis of the competition. Even with an innovative product, there is likely to be some form of competition.

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To identify strengths, weaknesses and growth opportunities in your own business, you need to know the other players in the market. It is possible and necessary to learn from others. If you closely observe what they do, and what they bet on, you will be able to assess and develop strategies that can help you.

So how do you do a competitive analysis, whether you already have your own business or are thinking about starting one? We give you 5 five essential tips.

5 tips for competitive analysis

Carrying out a careful analysis of the competition is not easy: it requires care, detail and a lot of dedication. In the end, the effort pays off, because knowledge of the market brings opportunities for growth and success. Check out 5 essential tips for doing a market analysis.

1. Determine who the competition is

Identify direct and indirect competition. Direct competition are companies that offer the same product or service as your business, to the same target audience. The indirect, a little more difficult to define, are companies that reach the same audience with a product or service substitution strategy.

Who offers the same products/services? And similar or complementary options? Who are the market leaders? What about potential competitors, emerging companies or companies that are preparing to enter your market? At the end of the survey, it is important to make a short-list of competitors you will focus on.

2. Identify consumers and habits

To do competitive analysis, you also have to analyze your competitors' customers. What do consumers expect? What are your consumption habits? What motivates them? What is the most popular competitor and in what areas? Knowing what your target audience thinks is important and it can be easier than you think: social media, surveys or questionnaires are just some of the possibilities.

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3. Make quantitative and qualitative comparisons

It is essential to compare your business, performance and market position with competitors. Compare prices, product quality, type and strength of marketing, how to deal with adversities (sales drop, emergence of new companies and products, etc.), past strategies...

And, of course, other indicators such as portfolio size, market shares, target market and strategic market. Other relevant parameters can include location, size, seniority, and bets on innovation.

4. be aware of online channels

Competitive analysis today will never be complete if you don't pay attention to what online channels competitors use and how they use them.

Social media plays a big role in the success or failure of a business. In addition to identifying which networks your competition uses, study how you communicate with consumers and customers. Also find out what consumers have to say about rival businesses. Visit Facebook pages, online stores, and any other online platforms where your competition is present.

To know where your business is, before, during and after doing a competitive analysis, you have to know what strengths, weaknesses, opportunities and threats your business has, doesn't have, needs and faces. For this, you can do a SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats).

Don't waste any more time: implement your future-proof management control strategy!

The important thing is that you know your business's history well and that you are willing to analyze the future and develop strategies. We know it's not easy, but what if you had the help of a management expert?

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To know your market, it is essential to make a detailed analysis of the competition. Even with an innovative product, there is likely to be some form of competition.

[www.tajarat.com.pk](http://www.tajarat.com.pk) strives to be Pakistan's biggest real estate developer ever, guaranteeing the highest international standards, prompt execution, and lifetime customer loyalty. With projects like [http://www.skymarketing.com.pk/rawalpindi/blue-world-city/](http://www.skymarketing.com.pk/rawalpindi/blue-world-city/)

So how do you do a competitive analysis, whether you already have your own business or are thinking about starting one? We give you 5 five essential tips.

**5 tips for competitive analysis**

**1. Determine who the competition is**

**2. Identify consumers and habits**

**Read More:** [PropertyNews](https://propertynews.pk/)

**3. Make quantitative and qualitative comparisons**

And, of course, other indicators such as portfolio size, market shares, target market and strategic market. Other relevant parameters can include location, size, seniority, and bets on innovation.

**4. be aware of online channels**

Competitive analysis today will never be complete if you don't pay attention to what online channels competitors use and how they use them.

Don't waste any more time: implement your future-proof management control strategy!

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