Without knowing how your competitors are performing, it’s easy to operate in your own bubble. You’ve built up a loyal base of repeat customers, your products and services are well received and your order book remains full. But if market conditions suddenly change or if a new competitor enters the market, do you have the data and intelligence you need to adapt your products or services, channels or target markets?
Conducting a competitor analysis, and regularly maintaining it, is a vital activity in making sure your business remains relevant.
We often think of ‘the competition’ purely in terms of other businesses or organisations that are selling the same products or services as us. In reality, there are three types of competition:
- Primary: those direct competitors who are offering the same or similar products or services to the same customer audience.
- Secondary: those offering similar products or services to a different audience.
- Tertiary: those serving the same audience but not with the same products. Even if your products are very different, you may still be competing for the same budget.
There’s also a fourth type of competition that is often ignored: that of the customer choosing to ‘do nothing’. In other words, not choosing you or any of your competitors but simply carrying on as normal.
Competitor analysis not only helps you future proof your business, it also helps with the here and now.
Taking the time to research the alternatives a customer may have other than choosing your business, means you are better prepared to deal with any objections in their decision making.
A Simple Guide to Competitor Analysis from Yellow Bird Marketing and Communications is designed to help you:
- identify your competition in all its forms;
- apply both tools and gut feel to compare and contrast your offer with that of your competitors;
- determine which assessment criteria to use in your analysis; and
- continually monitor market activity to always remain one step ahead.
To download the guide, simply click the image below or download it from Google Drive.