Companies in any B2B industry will have a lot of competitors. If a company is not doing competitor analysis, then it won’t know its own strengths and weaknesses, let alone that of its rivals.
Adience UK competitor analysis helps companies identify their strengths and weaknesses and current trends in the industry. This can help a company set realistic goals and objectives regarding marketing efforts, across a variety of aspects, including. the b2b buying process, product development, thought leadership, and market segmentation.
A competitor analysis should not just be done based on product or service, but also on how they market themselves. This will give you an insight into how companies want to position themselves in the market and where they want to be in the future.
What Types Of Competitor Analysis Exist?
Strategic group analysis
Competitors can be visualised in a chart, graph, or map using a strategic group analysis, check out some graph and chart examples for more research. The key to this framework is the formation of operational teams. Some ways in which businesses classify their rivals are by sharing common traits or market shares or even providing similar products or services. The marketing department or proprietor then creates a visual representation of the distinct segments.
A coffee shop owner, for instance, would plot out the average price of a cup of coffee against the total number of cups sold in a bar chart. They can then expand this network to include additional cafes. Because of this, market gaps and tendencies may be more clearly seen.
Growth-share matrix
Products in a growth-share matrix are ranked according to the percentage of the market they command. Though initially conceived to aid portfolio analysis, this matrix has since been found to provide an accurate depiction of market movements. This graph can help a company or marketing group see which techniques are most effective at increasing their market share.
Additionally, they can watch a select group of rivals over time to ascertain which ones are gaining ground in the market. They can use this information to target their marketing efforts better.
The Importance Of Identifying And Analysing Competitors In B2b Market Research
- A company can use it to understand better where the market needs improvement. These voids represent openings that enterprising companies looking to introduce their wares to the market can exploit.
- Using a competitive analysis approach, you can learn more about your competitor’s strengths and weaknesses. You can gain an edge over them by capitalising on their shortcomings. Competitors aren’t the only ones an organisation may learn to spot and address.
- Marketers learn more about the state of the market and its trends when they gather information for competitive analysis. With this information, they may better target their marketing efforts to meet the needs of their target demographic.
- The competitive analysis frameworks also allow you to learn from your rivals’ successes and failures. If a rival business has promoted its products effectively, you can learn from its approach and implement some of its tactics.
- Employing a competitive analysis framework streamlines creating The information about rival companies might help a company establish more achievable goals.
How Competitor Analysis Can Be Used To Inform Business Decisions
Companies often do a competitive analysis to understand better their rivals and the opportunities and threats they present. With this data, you can make educated choices about how to fare in the marketplace.
Apple is one corporation that has used the insights gathered from analysing the market to guide its strategy and direction. Apple could achieve market dominance in the computer, tablet, and smartphone categories by first identifying and then filling gaps in the existing product offerings of its competitors.
Conclusion
The goal of competitor analysis is to identify what customers want, how they want it when they want it, and at what price they will pay for it. It also helps understand which channels work best for them and which don’t work.
Competitor analysis identifies stakeholder needs for different audiences, such as influencers, customers, or employees on social media networks, to find new growth opportunities.
