Notes where competitive pricing is highlighted

8 EASY TIPS FOR AN EFFECTIVE COMPETITIVE ANALYSIS

Understanding your competitors, what they offer, their positioning, etc. and monitoring them on an on-going basis is key to growing your business.

Here are eight tips for an effective competitive analysis.

  1. Research their online presence. Look for articles, blogs, podcasts, YouTube videos they have posted.
  2. Visit exhibitions or events where they are exhibiting or speaking and check their stands and promotional activities as well their audience.
  3. Monitor their social media activities. Use tools like Socialmention to look for what’s being said about them across various platforms. Look at their Facebook page use the “Info & ads” feature to see if they are running any ads. If they are, click on them and test their funnels. Attend their webinars and download their freebies.
  4. Use Google search to see whether they are running  Adwords campaigns and use platforms like SpyFu to find out what keywords they are buying.
  5. Check their website and observe their branding, tone, message, offering, etc. Find out what they offer, how is delivered, how is priced etc.
  6. Monitor their marketing activities (creative they used, key words they bid on etc.) and site traffic sources through services like Alexa.com and Follow.net
  7. Look for reviews on Udemy, Amazon, Google, Facebook etc.
  8. Speak to your competitors to get a better idea of who they are and how they position themselves. Remember they are not enemies and one day you may end up collaborating to expand in a new market or launch a new service/product.

Once you have gathered all the information  about your competition you will be able to define:

▪️ what you can do better in terms of pricing, how you market and deliver your product/services;
▪️ what services and products neither of you is offering;
▪️ what new market or niche you could serve;
▪️ whether there is a saturation in certain areas -which might require you to focus on less competitive areas.

Finally, draw up a list of everything that you’ve found out and put together a strategy that hones in on your competitors’ weaknesses and market opportunities.

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