09 September 2020
Competitive Analysis is about researching your
competitors or rivals and their marketing and promotional strategies, in order
1. The threats to your business
2. Ways of attracting new customers
3. Possibilities to get more customer reviews
4. Online reputation management, success
strategies, and more.
analysis is critical to your business, since it helps you understand the
similarities and differences between your business and the competition. This analysis can help you identify interesting ways to outperform the competition.
are 7 tips to run a competitor analysis
List Your Competitors
is the obvious first step. When you have taken your business online, it means
that you are competing with many other similar businesses.
You need to know who
exactly your rivals are. Make a list of your competitions for analysis.
Group Your Competitors
you have the list, the next step is to group them into aspirational and current
The dealers with whom you would like to complete will be
aspirational competitors. The dealer brands that you are already competing with will
be current competitors.
Know Your Competitors
answers to questions like:
- Is your
competitor’s dealership targeting your audience segments?
- What is the USP of
- Does the
competitor have any gaps in their product lineup or service offerings?
- What are their
Follow Their Web Content
the competitions’ online content – their website, business listings, reviews,
and more. This will help to create better business content and promotional
strategies that can fill the gaps that competitors leave behind,
Check Their Social Media Engagements
media engagements play a crucial role in winning customers.
You need to analyze
how your competitors are using social media for their marketing. This can give
you an idea as to how you can improve your social media engagements.
Analyze Their Weaknesses & Strengths
competitor’s weaknesses can help you improve your marketing tactics and win
their customers. Conversely, knowing their strengths can help you plan
alternative paths to success.
Know Your Market Trends
you and the competition function in the same market, and analyzing market trends will
give vision and depth to your competitor analysis.
Tracking the emerging trends
in your area and bench-marking your business preparedness against the
competition in capitalizing on these trends can help shape a far more robust
more information on competitor analysis, Contact Us.