How competitor analysis reports can affect your business plan?
Knowing your audience is a critical step when it comes to business decision-making, but is it really enough in 2022? It is not. The business world is becoming more crowded and competitive every single day, which makes it more challenging to keep up, so as you study your audience you should also study your competitors. One of the most effective tools to do that is “competitors Analysis Reports”, a document that presents a description of your company’s target market, your products, and services vs your competitor’s, marketing and social media analysis, price comparison, projects, market shares, and revenue. These comprehensive data can take your business plan in different directions in many aspects such as product, audience, and marketing.
As you keep trying to improve your product to cater for the changes in market dynamics, your competitors are probably doing the same. The analysis will help you to know how your product is different from other products, what makes it unique. Is your pricing too high or too low compared to other providers? How do they describe their product? What keywords or tone of voice do they use?Understanding your audience and their behavior allows you to better target the relevant people and pain points. On the other hand, it is essential to understand the audience you’re competing for, find out what they have in common, investigate their demographic and geographic distribution, and loyalty. In other words, compare new vs. returning visitors to see how well competitors retain their customer base.
When it comes to marketing, there are always a lot of aspects to consider. For example, does your competitor use social media? which platforms? What kind of content they do they use, and what tone of voice do they apply? What kind of marketing collateral do they produce; blogs, webinars, podcasts or other methods? Do they run Campaigns online/offline and how is this affecting their sales?
In conclusion, the only constant in business is change, and the more data you have the more you are capable of analyzing and utilizing your tools. These comprehensive reports can give you a better insight into how your competitors operate, and what they are doing right, which you may opt to incorporate it into your own product or process.In conclusion, the only constant in business is change, and the more data you have the more you are capable of analyzing and utilizing your tools. These comprehensive reports can give you a better insight into how your competitors operate, and what they are doing right, which you may opt to incorporate it into your own product or process.
By: Inana Shakour
Marketing Manager at Veer