5 Expert Steps to Carry Out Effective Competitive Analysis

5 Expert Steps to Carry Out Effective Competitive Analysis

Competitive analysis is a broad term used for the practice of researching, analyzing and comparing competitors in relation to yourself. Many companies adopt for a variety of reasons, any cheap seo services in Pakistan can be hired for SEO, for branding, go-to-market strategy, and pricing, etc. You can also use it for UX and conversion optimization both as well.

Here are some steps which will allow you to have effective competitive analysis.

Setting your goals

Before starting the competitive analysis, you must know the first rule and the essential one about the competitive intelligence, how one thinks about the mission affects deeply and how the mission is done. Be open-minded about your goals as it is much important that your goals are clear and well-defined. Getting answers to such questions like which decisions will your competitive research impact? And are you looking to refine messaging? Will be required for effective competitive analysis.

Identify your competition

You must know all about the new players in the industry and should conduct this step as it will open your mind with having more effective analysis for competitiveness, to find out who are the top ones really are you must run a google search, check Google trends, compete for similarweb, etc. also check the list of presenters and companies running booths at your industry’s conferences. In addition, you can ask your customers who else they consider.

Conduct a competitive usability investigation

How does your site measure up? this is a common question and for this comparative user, testing is done. You can ask participants to evaluate your website with the top two competitors. For more biased results, try not to disclose which company you are with. also, mix up the order of websites that you show to your participants.

Compare competitor value propositions

Once your website visitors leave your website, they will remember three reasons to shop from you or sign up for your service. but most like they will remember one the most which is “your selling point and what is on your website?” and does it reflect your competitive advantage?

For having a proper value proposition that differentiates your offer you must know how your competitors position themselves.

Conduct interview with your competitors’ customers

The customers of your competitors are worth the weight of gold for you. they will not just tell you how satisfied they are with your competitor's products or service, they can also clue you in as to why they have chosen the competitor at the very first place.

Some of the common questions that you should ask while conducting an interview with your competitor’s customers are: What caused them to start looking for a solution? What were their top five buying criteria according to importance? What were the main reasons for choosing the company?

These questions will help in the proper evaluation of effective competitive analysis. Moreover, there are many other steps that can further help you in evaluating where you stand and where your competitors stand but these are some basic ones.

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