{"id":62660,"date":"2022-03-17T07:00:03","date_gmt":"2022-03-17T06:00:03","guid":{"rendered":"https:\/\/www.clickworker.com\/?p=62660"},"modified":"2022-12-09T12:35:11","modified_gmt":"2022-12-09T11:35:11","slug":"what-is-competitive-analysis-and-how-can-i-conduct-it-online","status":"publish","type":"post","link":"https:\/\/www.clickworker.com\/customer-blog\/what-is-competitive-analysis-and-how-can-i-conduct-it-online\/","title":{"rendered":"What is Competitive Analysis and How can I Conduct it Online?"},"content":{"rendered":"
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Learning from the competition also means learning how to win. This has been true for a long time. Moreover, the Internet offers many opportunities to conduct a competitor research analysis<\/a> quickly, comprehensively, and reliably.<\/p>\r\n But the question is, how does it work? The following provides answers to questions about online competitive analysis.<\/p>\r\n\r\n\r\n\r\n What is the purpose of competitive analysis? The answer is simple: competitive analysis is the key to understand the workings of the market in which you operate. It produces valuable insight into:<\/p>\r\n A competitive analysis allows you to look over your competitor’s shoulder — like copying in school. However, the difference is that a competitive analysis is legal. Studying the behavior of market participants paves the way for developing your own strategies to successfully compete in the marketplace.<\/p>\r\n A structured examination of your competitors’ strategies will provide answers to important questions:<\/p>\r\n These three terms often come up in context, always used as synonyms, but sometimes used incorrectly: market analysis, competitor analysis and competitive analysis. The lines between these individual areas are fluid. There are many overlaps. They involve the following:<\/p>\r\n Competitive analysis is a generic term for competitor analysis and market analysis. This is because the market and the competitors are the participants in this competition. If you want to understand the competition, knowledge about the market and the market participants is indispensable.<\/p>\r\n\r\n A competitive analysis provides orientation. Three basic questions must be answered before a company ventures into a new market or makes a strategy decision:<\/p>\r\n The first question, for example, refers to whether you choose to operate in the core market or in a niche of that market. A fundamental distinction is also whether the market is digital or plays out in real life<\/em> as well.<\/p>\r\n When it comes to rules, there are two alternatives: adapt or redefine? The second option is promising, but it is also risky. In most cases, this alternative requires a certain amount of market expertise.<\/p>\r\n There are also two alternatives regarding the focus of competition. This is frequently the pricing policy. Here, the aim is to increase market share by charging lower prices. But the quality of the product or the fulfillment of special customer demands are also promising approaches.<\/p>\r\n\r\n It is important to proceed step by step in the competitive analysis. The following are the five steps that lead to useful results:<\/p>\r\n This is the rough chronological order of a competitive analysis. The individual phases can, of course, overlap. It is therefore possible that new and important competitors are only identified during online research.<\/p>\r\n\r\n Tip:<\/strong><\/p>\r\n Our competitor research service helps you answer all these questions, quickly, accurately, and on budget. When you work with us, you have access to over 4.5 million Clickworkers around the world.<\/p>Service for competitors research by clickworker<\/a>\r\n<\/blockquote>\r\n\r\n The first step is to define the goal. The goal of a competitive analysis can be, for example, gathering information for an individual SWOT analysis. This research method (which has its roots in the field of military research) helps companies put their own strengths, weaknesses, opportunities, and threats in the market into a structural relationship. This involves four potential strategies:<\/p>\r\n The juxtaposition of these points often leads to startling insights. However, a preliminary competitive analysis is essential, especially when it comes to market challenges and opportunities.<\/p>\r\n\r\n Exactly who are your competitors in the targeted market?<\/p>\r\n A simple Google query with the five most important keywords that the company wants to rank with, provides an initial selection. In most cases, the companies that land in the top positions here are also your direct competitors.<\/p>\r\n It is important to avoid comparing apples with oranges. This can be prevented by paying attention to the following points:<\/p>\r\n Which companies…<\/p>\r\n This will help limit the number of companies that need to be examined to gain a basis for analyzing the competition.<\/p>\r\n\r\n The third step of the competitive analysis is particularly important. You need an intelligent structure for the analysis as well as the right questions to determine the quality of the results.<\/p>\r\n Other categories include service, logistic, cooperation with other companies, planned outsourcing projects, marketing budgets and more. At this stage, it is important to always select the criteria that are useful for your own objectives. Too much information is confusing. It is better to focus on the essentials.<\/p>\r\n\r\n Next, it is time to get down to work and start research. The Internet is, of course, ideally suited for this purpose. Apart from Google, other sources can also provide a lot of information:<\/p>\r\n At this stage, every company should ask itself whether it can outsource this work.<\/p>\r\n When doing research, it is helpful to immediately note and assign the information found. This can be done by creating an Excel spreadsheet that includes the following columns:<\/p>\r\nWhy do you need a competitive analysis?<\/h2>\r\n
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What is the difference between market analysis, competitor analysis and competitive analysis?<\/h2>\r\n
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What questions will competitive analysis answer?<\/h2>\r\n
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What are the individual steps in competitive analysis?<\/h2>\r\n
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Step 1: Setting the goal<\/h3>\r\n
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Step 2: Who are your competitors?<\/h3>\r\n
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Step 3: Determining individual questions and categories<\/h3>\r\n
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Step 4: Research<\/h3>\r\n
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