How to do an effective competitor analysis for your business?

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Gaining space in an increasingly competitive market is a challenge. Conducting a competitive analysis and having in-depth knowledge of other companies’ sales and marketing techniques, products and services can give you a competitive advantage, as well as some ideas on how to manage your business.

Learn more about competitor analysis, the step-by-step guide to carrying one out effectively, and the tools that can help you in the process.

What is competitor analysis?
Competitor analysis, or market analysis, is nothing more than a study of what your competing companies offer to the public, how they manage their business and how they are viewed by consumers.

This is a great planning tool, as it can help the company make decisions and identify risks and opportunities that can harm or boost sales.

The goal is not to copy what other companies are doing, but to Cayman Islands Phone Number Lead have the necessary information at hand to make strategic planning and make decisions based on concrete data.

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How to do an effective competitor analysis?
Although it may seem complex, a competitor analysis is not difficult to perform. Having the right tools at hand and a determination to find the information you need will allow you to conduct an effective analysis.

1. Define the objectives
The first step in starting a competitor analysis is to establish the objectives of the study. Some of the company's priorities may be to collect data to improve positioning in order to set prices for products or services, for example. Or to improve brand awareness, win new customers, be recognized as a competitor brand, among others.

By defining objectives, it will be easier to establish what types of information should be collected and from which competitors.

2. Choose the criteria to be analyzed
After defining the objectives, it is time to define what data and information should be found about each of the competitors. The ideal is to create forms only with what is most relevant to the business initially, and then add more as needed.

Although much of the data is open and available, it may be necessary to consult former customers, use analysis tools and conduct research on the internet. That is why it is important to define the data collection method, as well as the costs and time that your team will dedicate to this.

4. Collect and interpret data
This is the time to conduct the actual competitor analysis. Go through each piece of information established in step 2 for all competitors that you deem necessary. Remember that there are not only direct competitors, but other types of competition, such as vertical and transversal. We talk more about the types of competition and tips for conducting a good market analysis here .

5. Present the data and do
After collecting data, it’s time to present the competitive analysis to everyone in your company. It’s important to share this information so that everyone can use it to implement each area of the company.

Far beyond the commercial area, the analysis of competition must reach the Finance departments, the Marketing area and even the Human Resources area, which can develop training and activities to generate new ideas and innovation for the corporate environment.

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Tools for analyzing competitors
There are a few tools that can make your competitor analysis more effective and easier to set up and monitor. Google has a number of tools that can help, such as Google Alerts , which allows you to set up alerts to receive the latest content about your client that is publicly linked on the internet.

You can also check what people are saying about your competitors through complaints portals, such as Reclame Aqui , or social media analysis tools.
A great tool is Ubersuggest , which allows you to check your competitors' performance in terms of organic traffic, showing which sites are most relevant.