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Competitive Market Analysis 0.75/3 - Coggle Diagram
Competitive Market Analysis
0.75/3
Glossary:
Competitive Analysis
The
research, review, and final evaluation of your competitors
; helps you create and maintain a competitive advantage
First tier competitor
A competitor that
sells similar products, but they don’t have all the same products
as your company
Head to head competitor
A competitor that
sells very similar, or the exact same, products as you do
Indirect competitor
A competitor that
sells a product that can make up a fairly sizeable portion of your sales; includes substitute products, as well
SOAR
A framework for analyzing marketing strategies; stands for
S
trengths,
O
pportunities,
A
spirations, and
R
esults
SWOT
A framework for analyzing marketing strategies; stands for
S
trengths,
W
eaknesses,
O
pportunities, and
T
hreats
Top competitor
A competitor who poses the
greatest threat
to your competitive position within the market
The case for competitive analysis
Analysis - helps you to strategize and outmaneuver the competition
Is not:
One-time exercise
Full-time research program
Guesswork
Owned by interns
Question in CA:
How are the competitors excelling?
What they're doing to reach,engage close sales?
How are their customers reacting?
Competitive Analysis Benefits:
Compete more effectively
Capitalize on your competition weaknesses
Improve communication
Establish gaps in the market
Necessary skills to do research:
Familiar with the industry
Research background
Analytical thinker
Strong writing skills
Competitive Research Opportunities
:
During business plan creation
While working on a marketing plan
At time of new product launch
During market changes
Building Your Competitive Analysis through Research
Types of competitors:
1) Head to head - same product
2) First tier - similar product
3) Second tier - indirect product
eg. butter vs margarine
How to profile competitors:
What companies in my industry are the closest to what i sell?
What other companies are in locations that could cut into our market share ?
What companies may not be identical but may be just as strategic in attracting customers?
Competitior profile
Mix of information from different resources
KPI's:
Financial revenues
Sales volume
Marketing strategies
Range of products and pricing
Customer ratings
Customer service experience
Market segmentation
Check list:
competitive advertising
marketing materials
competitor's website
direct observation
media audit
customer likes/dis
Annual reports
Competitor strengths and weaknesses:
Product Evaluation:
Range of Products Offered?
Length of Time on the Market?
Positive Attributes in the Eyes of the Consumer?
Any Negative Attributes?
Additional Questions?
Market share and growth:
What Is the Pricing Structure?
Percentage of Market Share?
Annual Sales Volume?
Growth at a Steady or Slow Rate?
Promotion:
Any Changes to Marketing or Promotions?
Changes Well Received (or Not) by the Market?
Money Invested in Marketing, PR, Website, Social Media
Special Discounts and Promotions?
Financial Revenue:
Size of Competitor Revenues?
Is the Competitor Profitable?
How Much Overhead?
Where Are Resources Invested?
Customer experience:
Level of Customer Service Satisfaction?
Sense of Quality or Value from Product Usage?
Easily Accessible to Customers?
Pricing Incentives or Loyalty Programs?
How to do research about your company:
consultant
marketing agency
mystery shoper
use customer surveys
How to know 100% what customers thinking?
Get into the customers mindset with
qualitative
research.
Support your data with
quantitative
research
e.g. 1-1 interviews