Competitor Analysis - Where do You Begin?

January 31, 2021

A big part of being able to develop success as a modern business is to gain an edge on your competitors. Marginal gains have never mattered more, and there are plenty of factors that can play a role in helping you to achieve this today. One of the most important things you can do when trying to gain an advantage in the market is to conduct competitor analysis. It's essential to be able to come up with ways of assessing the competition, seeing what they are doing well, and looking at ways of being able to do things better.

You have to make sure you do what you can to analyse your competitors and use the data collected to help you get ahead and make more effective decisions in the future. At 3SIX5 Digital, we pride ourselves on being a leading Kent digital marketing agency, and one that understands the importance of competitor analysis. These are some of the key ways of approaching that, and trying to get the best possible outcome from this right now.

Determine Your Competition

The first step in the process of helping you to achieve this is to look at who your competition actually is. Determining the competition is really important for getting a clear idea of what you need to be looking for. You have to understand the companies that are the most direct competitors to you and what you are trying to achieve, and this is certainly a hugely important part of the process. You have to have a clear idea of who you are competing against, as this helps you to better understand them as competition.

Research Their Marketing Approach and Success Rates

You also need to make sure you analyse the approach your competitors take to their marketing, as well as the success rates they might enjoy as a result. this can help you to learn a lot about your rivals, and there are a lot of things that you need to think about here. What sales channels are they selling through? Do they have partner reselling programs? Are they looking to expand? These are the sorts of questions you should be asking that are going to help you when it comes to analysing this and making informed decisions.

Identify Their Strengths and Weaknesses

It's very easy to fixate and focus on what your rivals are doing well, but you need to analyse both strengths and weaknesses. You can learn a lot from this, and it will give you ideas for how you can adopt a similar approach, but try to do it better. Using content analysis tools like Buzzsumo can be invaluable when you are trying to figure this out, and make the best possible decisions to help your company improve.

There are a lot of considerations that you need to make when you are trying to analyse your competition and the way they choose to do business. There is plenty you need to make the most of here, and it is important to make sure you focus on getting this right as much as you can moving forward. Try to consider some of the best things you can do to help you make this process better and easier, and there are a lot of options to consider here. Try to work with your chosen digital agency in Kent to make the best choices here and give the best possible analysis.

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