What Are The Points You Have To Consider During The Competitor Analysis?

by Techugo Pvt Ltd Top Mobile App Development Company

"Know your competitors" is the popular saying in the world of business. Actually, it is the first step towards success, by analyzing and monitoring them on the regular basis helps you to improve your business strategies and stay one step ahead.

Performing competitor research is very important for the success of the business because it gives you the ability to quickly identify industry trends and adapt to competitors campaigns to out-compete entirely.

Here we are listing a few ways to conduct the competitive analysis.

Categorize your competitor

Start with a simple search with business name, product idea, and business idea. Also check out the different social media platforms, organization forums, online communities and for more information, you can also search on Alexa, Keyword Spy, Hoovers, etc.

Your main aim is to get a comprehensive view of the competitive landscape. After finding your competitors you have to categorize them into various levels such as:

• Primary competitors: These are the direct competitors who have a similar product, audiences, or both.

• Secondary competitors: These competitors may offer a high or low version of a similar product to completely different audiences.

• Tertiary competitors: This category includes businesses that are tangentially related to yours. These could be related products and services that are trending, as well as businesses that may be beneficial to partner with further down the line.

Examine your competitor's website and customer experience

Once you have done identifying your competitors, you need to analyze their websites. You must take a closer looks at the following aspects:

• How do they present their products and how solid is their product photography?

• What information do they include in their product description?

• Do they have blogs? How frequently do they post and what type of information they post?

• Is there site optimized for mobile devices?

• How long does it take them to respond to the email, live chat, and contact for submissions?

• How frequently they are promoting their products and services?

Remember that your goal is not here to handle their strengths and weaknesses, it can also be done by SWOT analysis. Your goal is to start thinking as a dynamic business owner.

Identify your competitors market positioning

Find the answers to these questions:

• What are customers buying from them on which price?

• How they are differentiating their product from their competitors and what features and benefits they are highlighting?

• What makes their product and services unique?

By answering these questions you will position yourself against or alongside them. If you want to gather as much information as possible, you have to do such tasks:

• Sign up for their newsletter: This gives you a better understanding of their business and the way of communication.

• Subscribe and follow their blog: This gives you information about their blog quality and which type of content they are writing.

• Follow them on social media: Get to know how they serve their customer.

• Purchase a product: Check out the product itself and also note down the positive and negative points.

• Put an item in your cart and abandon the checkout process: Monitor whether or not they send an abandoned cart series and what language and structure they are using.

Take a look at pricing

Your pricing strategy is one of the most important aspects of your business and also a competitive advantage. There are several factors you need to be considered before setting the prices of your products. The best strategy is to look at how your competitors have priced their products. But you also have to learn what your market is willing to pay and what price is suitable for your business.

Remember that your price doesn't necessarily have to be less than your competitors. Analyze these points before setting the price rates.

• Look at the information you gathered on market positioning and figure out what is your are the actual selling price.

• Analyze what your target market is willing to pay

• Consider all the researches you have been done around general setup.

These are only a few ways of analyzing the competitors. You can analyze your competitors in many different ways, but the most important thing is you have to analyze your competitors. But remember that building the best mobile application development is also important for your business. So, if you want to build the mobile application for your business, then contact Techugo.