What competitor information categories are useful in competitor analysis? Are these categories appropriate for health care organizations? How can these information categories provide a focus for information gathering and strategic decision making?
Based on reading “What is strategic Planning” and “How to develop competitive advantage?”
Competitor analysis
Definition:
Identifying your competitors and evaluating their strategies to determine their strengths and weaknesses
relative to those of your own product or service
EXPLANATION
A competitive analysis is a critical part of your company marketing plan. With
this evaluation, you can establish what makes your product or service unique–
and therefore what attributes you play up in order to attract your target
market.
Competitor analysis in marketing and strategic management is an assessment of the
strengths and weaknesses of current and potential competitors. This analysis provides both
an offensive and defensive strategic context to identify opportunities and threats.
Competitive Analysis in Marketing
Every brand can benefit from regular competitor analysis. By performing a
competitor analysis, you’ll be able to:
Identify gaps in the market
Develop new products and services
Uncover market trends
Market and sell more effectively
As you can see, learning any of these four components will lead your brand
down the path of achievement. But before you get too excited to start, we
need to nail down a few important basics.
Once you identify your true competition, you’ll need to determine what metrics
you’ll be comparing across the board. Below, we’ll give nine specific factors to
compare and tips on how to identify this competition in the first place.
How to do a Competitive Analysis
1. Determine who your competitors are.
2. Determine what products your competitors offer.
3. Research your competitors sales tactics and results.
4. Analyze how your competitors market their products.
5. Take note of your competition’s content strategy.
6. Analyze the level of engagement on your competitor’s content.
7. Observe how they promote marketing content.
8. Look at their social media presence, strategies, and go-to
platforms
9. Perform a SWOT Analysis to learn their strengths, weaknesses,
opportunities, and threats.
Determine who your competitors are.
First, you’ll need to figure out who you’re really competing with so you can
compare the data accurately. What works in a business similar to yours may
not work for your brand.
So how can you do this?
Divide your “competitors” into two categories: direct and indirect.
Direct competitors are businesses that offer a product or service that
could pass as a similar substitute for yours, and that operate in your same
geographic area.
On the flip side, an indirect competitor is one that provides products that
are not the same but could satisfy the same customer need or solve the same
problem.
It seems simple enough on paper, but these two terms are often misused.
When comparing your brand, you should only focus on your direct
competitors. This is something many brands get wrong.
Let’s use an example: Stitch Fix and Fabletics are both subscription-based
services that sell clothes on a monthly basis and serve a similar target
audience.
But as we look deeper, we can see that the actual product (clothes in this
case) are not really the same; one brand focuses on stylish everyday outfits
while the other is workout-centric attire only.
Competitor Array
Another interesting technique to determine the marketing competitor
analysis is by using the competitor array. It’s a simple tool where
you follow a few steps to determine how your competitors are doing.
The steps include the following;
1. Define the industry: The nature of the industry you and your
competitors are in. The scopes available to produce your goods
and services.
2. Find out your competitors: An industry is likely to have
multiple competitors. You need to find out who is your genuine
competitor that can match your level.
3. Determine the customers: Find out who your customer base is
and what their level of expectation is
4. Key success factors: You find out what factors are the leading
prospects in becoming successful. It does not matter if those
factors have been used by you or your competitors.
5. Rank those factors by weighing them
6. Rate your competitors: You give your competitors a rating
based on how much they each weight on those key factors.
This process will help you realize which competitor is contributing more
in the market. It is a big part of the marketing competitor analysis.
Once you figure out who is the leading pack among the rest, you can
make your marketing strategy based on them.
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