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Any marketing activity begins with analysis, this is a mandatory step before developing a strategy, creativity and advertising campaigns. Assessment of the competitive environment in digital helps to develop a sustainable competitive advantage of the brand, determine the communication channels, reduce risks, and create an attractive USP.
To analyze competitors, the digital agency Stormin has prepared a step-by-step guide consisting of 9 steps. Depending on the goals, the research is limited to only a few steps or a comprehensive analysis of competitors is carried out. After the analysis, do not forget to connect the whole range of Internet marketing tools: digital strategy, SMM marketing, content marketing, SEO and others.
Formulate the objectives of competitor analysis
The tasks and goals of competitor research differ depending on the situation and the desired results, it can be: developing positioning, building a pricing policy structure, defining a product range, creating a unique selling proposition, choosing promotion channels, developing marketing messages, choosing sites for placing content, etc. .d.
If the goal is the choice of advertising channels, then the advertising channels used by competitors, advertising budgets, key messages, and not USP and positioning are analyzed, and if you need to determine the target audience, then the analysis of social profiles, advertising campaigns, competitors' sites is carried out and then the budgets are determined doesn't make sense. Therefore, first you need to choose the ultimate goal so as not to load the analysis with unnecessary information, which will only interfere with drawing conclusions from the data obtained.
Indirect and direct competitors
Competitors are divided into direct and indirect. Both categories need to be analyzed.
Direct competitors are companies whose performance characteristics largely correspond to those of your company.
First of all, define the geography of the analysis. If a fitness center is being analyzed, then it is enough to limit the geography to an area of the city or to the whole city; it is not worth analyzing the whole country. If a company operates at the federal level, then for priority regions it is necessary to analyze small regional players and federal competitors.
Indirect competitors:
Indirect competitors - brands or companies from a different price segment or manufacturers of alternative products. For a fitness center, indirect competitors are playing sports at home or outdoors.
Foreign companies - you can adopt original marketing moves from them, while taking into account the national characteristics of the behavior and perception of your consumers.
Potential competitors are brands or companies that, under certain circumstances, may become direct competitors. Such circumstances can be a change in the economic situation, optimization of USP, release of new products, and other events that make competitor's products relevant to your target audience.
Identifying competitors
After defining the objectives of the analysis, we select competitors based on various marketing characteristics. Typically, the target audience is used as the main characteristic for the selection of competing brands. This characteristic is clarified by questions:
Does the target audience of your offer coincide with the target audience of a specific competitor?
Are competitor products addressing the same challenges or needs as your offerings?
When looking for ways to satisfy a need, does your target audience meet the offerings of the competitor in question?
If the answers are yes, then the brand is a competitor. Keep in mind that products may vary, but meet similar or the same needs and perform the same tasks: tablet and computer, notebook and phone notes.
Other criteria are also important: market share, level of service, product range, price. It is helpful to analyze a competitor who is well ahead of you in every dimension. As a result of such research, it turns out to find a lot of useful information on the basis of which to highlight and think over growth points.
Where to look for information:
Search engines. Gather available information from Google and Yandex, it is also useful to analyze Google Adwords and Yandex.Direct. Search for different search terms.
Sales managers. Ask your salespeople what competitors consumers are mentioning.
Target audience survey. Ask consumers directly who your competitors are. You can create an online survey and mail it out to customers. Provide some kind of reward for completing the questionnaire: a discount, a gift, etc.
Industry ratings. Analyze ratings, find your closest competitors and market leaders.
Social networks. You can use analytics services or do the work manually, find competitors with whom the target audience intersects.
Job sites. Analyze competitor accounts on HH, SuperJob, rabota.ru and other job aggregators.
Review sites. Collect information from competitors' accounts on Yandex.Market, Yell, ireccomend and similar services.
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