“We watch our competitors, learn from the theme the things that they were doing for customers, and copy those things as much as we can.”
Competitive research is the backbone of any strong marketing strategy. Finding your competitors do not require complicated research. There can be two types of competitors i.e. direct and indirect competitors.
Direct competitors are those companies who sell or market the same product or service as yours. Indirect competitors are those who are in competition with your business digitally that is not selling the products and services directly and now a primary alternative for consumers that are making a purchasing decision. Whereas indirect competitors are the businesses that offer alternative products and services.
Identification of your competitors be it direct or indirect is an important step to choosing the correct direction and move on the right path to grow any business. and the business transformation in today's extending competition.
Read on the links to understand how to identify direct and indirect competitors:
Completing a competitive analysis is an important part of running any business. To understand the various forms of competition and more, you must try to find others. Read more.
Competitive research is the backbone of a strong marketing research strategy. If you can’t identify your competitors and their marketing tactics, you’ll struggle to differentiate yourself and your product from the crowd. To know more, read here:
It is as important to know your competitions as it is to know your customers. Knowing the strengths and weaknesses of your competition will prepare you better to strategize and strengthen your business in areas where your competitors are lacking some and you also got the advantage of getting your customer loyalty. Knowing their strengths will help you work harder in those areas where you could be lacking. This goes in all areas of business right from the product, services, marketing, and promotional activities
Moreover, in simple words, it’s ideal to play by your strengths and leverage upon opposition’s weaknesses.
Click on the links to read the benefits of knowing your competitors:
Most entrepreneurs don't know what are their differentiators, because they haven’t researched their competitors. To know 6 advantages of knowing the competitor, click here:
Knowing who your competitors are, and what they are offering, can help you to make your products, services and marketing stand out. To know more, read the article:
You need to know everything about your competition so you can come out on top every time. To know what you need to know about your competitors, in order to beat them, read the article:
Once you know about your competitors you have to prepare your own strategy to beat them. To get things done in the right direction we use a SWOT analysis.
S – Strength
W – Weakness
O – Opportunity
T – Threat
SWOT analysis is a process by which management of any ccompany identifies the external and internal threats for a company. ‘S’ and 'W' are the internal factors, whereas O and T are the external factors.
The business performs this analysis to use most of what they have. They prepare charts for all the four factors so that actions can be taken accordingly. To take any action you have to create connections between the factors like what threat can your weakness can possess. It helps to create a whole plan of action for your business.
Other than SWOT analysis, USP analysis and Core Competencies analysis are also used. Combining all this you will get a clear picture of the actions to be taken to deal with your current situation.
Read the links below to understand more about SWOT analysis:
A SWOT analysis is a useful technique to evaluate a new project or objective your business faces, or your business as a whole. To know more, read here.
Understanding your company's position within your market or industry and knowing how and where you can grow is critical for any business owner. or any of the publishing industry. This knowledge allows you to strategically develop your company. To know more, read here:
A SWOT analysis can help you evaluate your business, institute appropriate changes, and improve operations. To know what is a SWOT analysis and how to conduct one Click Here
We, at OpenGrowth, are committed to bringing the latest trending startup ideas around the world. Do let us know if you want us to cover a particular topic.
Contributor: Sareen Yasmin
Her passion includes creative writing, reading and playing around words. She is looking forward to bringing some change with the power of pen and thoughts. Mic and pen are her best friends.
*Note: The content published above was made in collaboration with our members.
The Editorial Team at OpenGrowth is working to provide you with the perfect place to know everything about startups. Feel free to connect to us.