August 26, 2020

Competition: Market Analysis

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Good companies think about their earnings. Cool companies think about their customers. And really cool companies think about the problems and needs of their customers.

Today’s market is full of everything your heart desires. You just have to want, we are offered fifty types of tea and two hundred and fifty types of masks. Is that bad, you ask?

Of course not. The only thing is not very good for the companies that produce all these goods. Whichever direction you look, there will be an insane number of competitors everywhere already creating something similar. And in order to survive, if not more, to receive significant benefits, it is necessary to provide people with what they cannot find elsewhere.

One of the ground rules in starting your own business is to understand who your competitors are and how you can outperform them.

Every product and service has direct and indirect competitors.

Direct competitors are those companies that sell exactly the same product (service).

For example, you sell educational supplies and they sell the same products for the same price.

Indirect competitors are those who offer the carrier a different service, but who will lead to the same result.

For example: Skype is an indirect competitor of an airline. When the goal is to negotiate, the decision depends directly on the situation.

Competitive Analysis

Many companies on the Internet are ready to offer you a competitor analysis service. But this is if you can’t handle it on your own at all because there’s nothing difficult about it.

Competitive analysis is the process of isolating the major competing accounts / stores / profiles. Assessment of their strategies, audience, strengths and weaknesses. It is of course worthwhile to analyze your direct competitors from the start. You’ve probably already figured them out.

Search for direct targeted search on social networks and search engines. Just drive requests for what your account is issued for and anything like it.

Evaluate your competitors on criteria. Evaluation criteria are what the customer pays attention to: price, delivery, location, composition, availability, guarantees, profile design, photo quality, response speed and much more.

Don’t be lazy, make a separate table in which you enter all the necessary data.

What should be in the comparison table:

Name Title;

Links to social networks / sites;

Product / product / service;

Price / costs;

Intended target audience;

Problems that the company / service solves;

The competitor’s strengths and weaknesses;

Creating a comparison table will help you analyze and identify your main differences. Well, or make them if necessary. Obviously, you will need to spend a fair amount of time for this, but this is the basic information that will work for you for a long time.

In addition, the table can be an excellent assistant in the search for your target audience and becomes a hint when searching for relevant topics.

By analyzing your competitors, you can understand:

Which products / services / topics are currently in demand and are sought after by subscribers;

Formulate your pricing. It can be relatively lower than competitors, we already know their prices;

Which products / goods / services the market is currently oversaturated. That is, you can take it out of circulation or make money from it.

Why are you the best?

When entering the market, ask yourself a few questions:

What is your difference? What is so unique about your offer to your customers? Our article on defining your USP (unique selling proposition) will help you solve this question;

In which situations does a customer need your product / service? Does he have an alternative?

What is important to your target audience? Can it be a fast delivery or impeccable quality, a low price or a close location;

What can you suggest to prevent the subscriber from looking for a similar offer?

Social networks are overflowing with offers, but only the brightest and most memorable were able to go beyond their ideas of business success. Of course it is not good to compare yourself to others. But you don’t have to compare, you have to look at what others are doing to do it 100 times better. Analysis is generally a good thing. So we get to work and actively analyze our target group, USP and of course our competitors.

…..more info can be found here «Road to 100k Instagram Followers»!

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