Competitor Analysis Strategies
Competitor Analysis Strategies by Márcia Monteiro
Competitor analysis is a fundamental tool for every organisation because, through the use of this kind of information, organisations will be able to improve their strategies and differentiate themselves in an increasingly demanding and competing market. Therefore, it’s imperative for organisations to have an exact notion of their positioning in relation to competitors, identifying opportunities and needs of improvement.
How to make a marketing competitor analysis?
1# Identify who your competitors are
It may seem obvious for organisations to know who their competitors are but it’s necessary to analyse competition at a deeper level. It’s necessary to target your competitors whether in terms of geography or in terms of products/services, markets and other areas that might make sense for your business. In that deeper analysis, you must have a mapping of your competitors’ strategies and measure data. We recommend the creation of a table in which you clearly explicit the following data:
– Name of the organisation
– Description of the competing organisation
– Description of the competing product or service
-Price and characteristics of the competing product or service
– Target Market Description
– Market strategies of the competing organisation
– Description of the market share that the competing product/service represents
– Classification of the level of threat of the competing organisation
2# Make a SWOT Analysis
It will be necessary to identify the strengths and weaknesses of both the organisation and competition using the SWOT Analysis (Strengths, Opportunities, Weaknesses and Threats).
3# Keep a regular analysis
Make your competitor analysis regularly. We recommend that you conduct a new analysis of the competition every six months, this way you’ll have an external and up-to-date perspective of the market conditions and it will help you position all the actions of the organisation in a healthy and efficient manner.
Márcia Monteiro – MA Marketing Course Leader
London School of Design and Marketing