Performing Competitor Analysis
The most effective and crucial part in business promotions, is the competitor analysis. If you know your competitors, their products/services, their prices, their existence, capability and scalability, you can make a decent move in your business establishment and success. In fact, a true and wiser SWOT Analysis can make the things easy to go.
- First step is to identify who your competitors are?
- Find out what services and products your competitors offer.
- Make a thorough Research on your competitors’ sales techniques and their results.
- Understand competitor’s product marketing strategies.
- Find out your competitors’ pricing, as well as any discounts/perks and promotions on regular price.
- Ensure to be competitive or at least meeting your competitive delivery/shipping costs.
- Where online entities are concerns, take note of the content strategy your competitors intact with.
- Try seeking information about the technology stacks your competitors using.
- Learn the visitor’s engagement level on your competitor’s content.
- Try observing their tactics through which they promote the content.
- Be sure to know their social media presence and activeness by frequently visiting their platforms.
- SWOT Analysis is a superb approach to learn your own as well as their strengths, weaknesses, opportunities, and threats.
Hope this would address most of your analytical concerns you could do for your business promotion and competitor analysis.
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