Why do a competitor analysis in marketing?
Posted: Wed Dec 18, 2024 4:52 am
Research is to marketing what training and nutrition are to athletes. It improves and pushes towards goals.
You can't be an athlete without training and giving your body the right nutrients.
Likewise, you cannot create a marketing strategy germany number for whatsapp without research and quality data input. Anything else is just guesswork and that is not a sustainable marketing strategy.
And this is where competitor analysis comes in.
Analyzing your competitors can provide you with inspiration and insights, and help you:
Find new markets and opportunities.
Find gaps in current product offerings.
Finding what your audience really wants and needs.
Understand market conditions to plan better.
Identify seasonal trends you need to consider.
Find new marketing channels you hadn't considered.
Avoid being derailed by indirect competitors or other threats.
Be aware of negative or positive reactions to products and services.
All this information will help you be better and more agile to get an edge over your competitors.
How to do a competitor analysis
The benefits of identifying competitors and evaluating their strategies to create a better marketing strategy should now be clear. So, how can you actually collect information and data?
Talk to your customers
Talk to your sales team
Talk to your customer support team
Use publicly available information and data
Talk to your competitors (yes, it's an option)
Use a competitor analysis tool (and save a lot of time)
What is a competitor analysis?
The following guide will take you through 17 steps to analyze your competitors using Semrush and show you how to perform a competitor analysis.
Pro Tip: Create a spreadsheet to record the data and information you gather during your research. Create a column for each competitor and a row for each of the stages listed below.
Alternatively, you can download this free competitor analysis template in Google Sheets that we created for you.
Competitor analysis can be divided into four phases:
Identify your competitors
Analyze your competitors
Verify the information
Compare your performance with your competitors
You can't be an athlete without training and giving your body the right nutrients.
Likewise, you cannot create a marketing strategy germany number for whatsapp without research and quality data input. Anything else is just guesswork and that is not a sustainable marketing strategy.
And this is where competitor analysis comes in.
Analyzing your competitors can provide you with inspiration and insights, and help you:
Find new markets and opportunities.
Find gaps in current product offerings.
Finding what your audience really wants and needs.
Understand market conditions to plan better.
Identify seasonal trends you need to consider.
Find new marketing channels you hadn't considered.
Avoid being derailed by indirect competitors or other threats.
Be aware of negative or positive reactions to products and services.
All this information will help you be better and more agile to get an edge over your competitors.
How to do a competitor analysis
The benefits of identifying competitors and evaluating their strategies to create a better marketing strategy should now be clear. So, how can you actually collect information and data?
Talk to your customers
Talk to your sales team
Talk to your customer support team
Use publicly available information and data
Talk to your competitors (yes, it's an option)
Use a competitor analysis tool (and save a lot of time)
What is a competitor analysis?
The following guide will take you through 17 steps to analyze your competitors using Semrush and show you how to perform a competitor analysis.
Pro Tip: Create a spreadsheet to record the data and information you gather during your research. Create a column for each competitor and a row for each of the stages listed below.
Alternatively, you can download this free competitor analysis template in Google Sheets that we created for you.
Competitor analysis can be divided into four phases:
Identify your competitors
Analyze your competitors
Verify the information
Compare your performance with your competitors