The analysis of your competitive environment is not only done during the creation of your business. The environment covers a wide variety of influences, some of which can directly impact your society. Your analysis must be regularly updated because the market is constantly changing. And if you take advantage of the back to school to redo the point?

 

Study your market

Research and analysis of certain specific elements
to your market and to your competitors, the competitive study does not require a
regular follow-up.

However with the continuous movements of the market, it is
important to check for potential changes on the latter.

The purpose of this study is to understand and anticipate the
consumer needs.

It’s not just for companies that
wish to get started and can meet various objectives:

  • Analyze the situation of the existing market before launching;
  • Understand and anticipate the needs and attitudes of consumers based on their lifestyle, consumption or use of a product;
  • Measure your customers’ satisfaction with your goods or services with a view to demarcation.

You can do a quantitative study under
form of survey in order to collect quantified data or even carry out a
qualitative study by collecting opinions from your consumers.

Competitive intelligence to stay attentive to the activities of your competitors

And if you keep an eye on the actions of your
competitors?

The competitive intelligence activity is long-term
and ask you to stay alert to what the competition is doing.

The start of the new school year may be the perfect time to
check for any changes made by your competitors.

Today, too few businesses can afford to
neglect the evolution of their environment.

Areas such as information technology, biotechnology, marketing, industry, internal security and even fashion demand rigorous and regular monitoring because their business cycles are shorter and experience frequent disruptive innovations.

Any company has every interest in carrying out your monitoring actions because they can constitute a good governance and responsible risk management practice.

It is essential to foresee what could possibly
happen and thus seize the opportunities available to you.

In addition, you will be better able to thwart potential threats in your market and reframe your strategies.

Define your competitive positioning

Competitive positioning is a real choice for
the company.

It’s a fundamental decision for every leader who
must give the direction to follow as well as the vision of the company.

At the start of the school year, you can take stock of your situation and analyze the place you occupy in your market by analyzing your market shares.

Are you a leader? Challenger? Follower? or Outsider?

Your competitive position is based on your skills and your key success factors and each manager must integrate two variables into their analysis:

  • The evolution of its environment;
  • The evolution of the degree of mastery of the key success factors.

In summary, what to remember to conduct your analysiscompetitive

Our advice for an optimized market study

Ask yourself the right questions :

If you want to start a business, ask yourself what you are going to sell:

  • Whose ?
  • What need does my offer meet?
  • Define the methodology you wish to set up;
  • Interpret your results to give you ideas for improving your offers or services.

If you do not have a specialist to conduct this kind of study internally, you can definitely go through an external body.

Our advice to set up your competitive intelligence

First of all, you must review the selection of your
competitors.

With market developments, you are not immune to the appearance of new entrants ready to take you some market share.

List them and divide them into 3 categories in order to have a better visibility of the situation.

Your
direct competitors:
  • These are the people who have the same target heart
    that you and who offer a product or service similar to yours.

Your indirect competitors

  • They are those who offer a product or service different from yours, but which meets the same need;
  • Your substitute competitors: the products or services offered are different from yours, but are intended for the same target.

In addition, try to slip into the shoes of customers of
your competitors.

To do this, ask yourself how do they sell
their products or services?

You can go directly to the store or simply to their website and their social networks and compare your strategy to theirs.

Our advice to define its competitive positioning

  • Establish a commercial diagnosis of your company by analyzing the competition with the method of the 5 (+1) forces of Porter;
  • Discover and cultivate the points of differentiation of your company and your added value;
  • Be consistent with your positioning, only the value proposition counts.

Tools at your disposal to stay ahead of your market

To help you in your efforts, there are many
digital tools that allow you to analyze your competition in
smallest details.

You will thus distinguish the points which constitute their strengths and those which define their weaknesses by analyzing different types of monitoring (media, social networks, prices, website, editorial).

So you will have a better view of the opportunities
and threats to your business.

  • Ahrefs: this tool allows you to analyze the backlinks of your competitors. You will see the number of backlinks to the site, the number of referring domains, the volume of natural traffic and the number of organic keywords.
  • Google Alerts: this free tool offered by Google is very useful if you want to conduct your competitive intelligence on the web. You receive alerts directly in your mailbox when a page or an article contains a specific keyword.
google alerts
  • SEMrush: this easy to use software allows you to very clearly analyze the marketing activity of your competitors: SEO, advertising, content marketing, social marketing.
  • SimilarWeb: this is one of the best free tools for getting traffic statistics from your competitors’ websites. This will allow you to benchmark competitive data easily.

“The hardest part is deciding to act, the rest is just tenacity” – Amelia Earhart