Do You Know How To Identify Your Competitors?

  • 7th Dec'20
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Know your Competition

“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 like 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 product and services.

Identification of your competitors be it direct or indirect is an important step to choosing the correct direction and move in the right path to grow any business.

 

Read on the links to understand how to identify direct and indirect competitors:

How To Identify Competition To Improve Business Profits?

Completing a competitive analysis is an important part of running any business. To understand the various forms of competition and more, read the article:

How To Identify Your Competitors?

Identifying competitors goes hand-in-hand with keyword research as one of the fundamental foundations of any SEO campaign. To know more, click here:

6 Steps To Identify Your Competitors

Competitive research is the backbone of a strong marketing 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:

Identify Your Competitors

 

Know about your competitors: Benefits

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 someway. 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:

Advantages to knowing your competition

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:

Understand your competitors

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:

Things You Need to Know About Your Competitors 

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:

 

SWOT Analysis

 

SWOT Analysis

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 identify 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 posses. 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:

How to Run a SWOT Analysis for Your Business

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 the article:

Why You Need a SWOT Analysis for Your Business

Understanding your company's position within your market or industry and knowing how and where you can grow is critical for any business owner. This knowledge allows you to strategically develop your company. To know more, read here:

Get to Know Your Business With a SWOT Analysis

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, read the article:

 

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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.

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About the author:

Neda Ali (Editor), OpenGrowth Content Team

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.


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