Even in narrow market niches, there may be many competing companies. You need to analyze their activities. This will take a lot of time, but the result is worth it. You can choose several competitors or at least one main one. The company for analysis should be as similar to yours as possible. For example, there are 10 stores in the region selling food supplements. Three of them operate exclusively on the Internet. These stores will compete with each other.
In the process of identifying competitors, you should pay attention to the target audience and product prices. For example, let's take companies that sell costume jewelry. They have the same sales technology, but some companies distribute premium products, while others distribute budget jewelry. In this regard, they cannot be considered competitors.
Preparation for working with competitors' clients is carried out in the following areas:
Identification of existing and potential competitors in the market. During the study, the selected enterprises should be objectively assessed. The analysis can be carried out using the method of studying information from the media.
Clarification of which companies turn leads into sales with overseas chinese in worldwide dataare engaged in market struggle with competitors. Perhaps some are engaged in dumping or are focused on image solutions.
Analysis of the competitors' sphere of work: free market, prospects, potential influx of new clients.
Analysis of competitors' clients
Monitoring prices of competing companies by analyzing the retail network. It is important to monitor the dynamics of the cost of products on the market. For example, let us cite a well-known case when Sergey Studennikov, the owner of the Krasnoe i Beloe chain, made it the responsibility of salespeople to identify discounts and promotional offers in competitors' stores every day. Upon receipt of such data, the company also carries out similar activities.
Studying innovative solutions of competing companies. This point is especially important in technological niches. The necessary data is obtained through research, surveys, studying information from the media. In some cases, they also resort to industrial espionage.
Analysis of the advantages and disadvantages of competitors. In order to bypass competitors in the market, you can put pressure on their weak points, which means they must be identified. Focus groups are often used as a tool for such analysis.
Studying all components of competitive products: price, packaging, various characteristics, etc. Data collection can be done through surveys.
Studying the actions of competitors when new competitors enter the market. This information will allow us to predict the marketing policy of these companies. Perhaps some companies will focus on improving the level of service, while others will choose dumping.
Analysis of competitors' communication policy towards potential clients. For example, you can study technologies to increase demand for a product (promotional offers, discounts, etc.).
Study the financial performance of competitors. Data search is often carried out using economic espionage methods.
Analysis of competitors' methods of promoting their products.
It should be noted that when preparing to work with competitors' clients, comprehensive research is important. In cases related to solving individual problems, a study of one parameter can be conducted.
Increase Your Profits by 10X: 5 Key Metrics You Must Track
Alexander Kuleshov
Alexander Kuleshov
General Director of Sales Generator LLC
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