Consumers, partners, and operations data are essential variables in business. Most organizations have been able to make better outputs, stay competitive in new areas, and provide their customers with more excellent services due to knowing the analytics.
A study of your rival’s plans and actions is essential to match up with them and give you an advantage to your business success.
Here on Big Data Analytics, we’re focusing on analytics services that formulate new methods to develop your company while also monitoring the actions and strategies of your competition, and this is where a good competition analysis plays an important role.
What is the importance of Competitor Analysis?
The purpose of analyzing and processing information about competitors is to determine the strengths and weaknesses of your competitors concerning your own and identify a significant market gap.
What is the importance of analyzing data?
Companies acquire insight into internal processes and external variables affecting their competitive landscape by studying every possible data.
Every data you have acquired can serve as an essential tool to create patterns and insights to help the organization produce better outcomes and results. Big Data Analytics’ role is to generate analytical services that simplify these complex data, especially for organizations with limited understanding or knowledge to interpret the data independently.
As piles of information and data expand rapidly, setting up for easy access, management, and updating your database is becoming a significant issue for most organizations. We’ve developed this new solution to make the process easier and more convenient on Big Data Analytics. We call it blockchain technology.
What is the importance of comparing your organization to other competitors?
You must first identify who is your possible competition in the industry before you can begin. According to studies, three types of business competitions describe your rivals’ personalities.
Direct Competitors
This first type of competition has the same sales and market share growth objective. This competitor offers services and products to the same target market consumer, clients, and partners. In the simplest definition, this type of rival indicates that they aim for the same market and consumer demographics as you, providing the same services products and using the same distribution strategy.
Indirect Competitors
Like the direct competitor’s model, an indirect competitor is a corporation that sells the same products, items, and services as you. The only difference is your indirect competitors have a different end goal.
Substitute Competitors
The third type of competitor is a Substitute competitor. Similar to the others, this competitor provides your target customers with an item, products, and services that you also offer. When the price of one product rises and the demand for the other rises, items are frequently substituted. Consumers have more options and alternatives thanks to substitutes, which increase competition and lower prices in the market.
After identifying your primary competitor in the industry, it’s time to analyze how you make your brand stand out to them. Answer the following questions on each variable to help you understand the similarities and differences of your company to your competitor.
Products you offer
- Do the products they offer is identical to yours?
- Can you identify their providing model on their products? Then compared it to yours.
- Can you compare the products and services to your unique selling points (USPs)?
- Identify their strategies in advertising their products.
Brand Personality
- Do your competitors have the same niche market as yours?
- What is their target consumer? Can you identify their demographics?
- Analyze their brand popularity on different platforms.
Marketing Strategies
- Research what channels and platforms are they using to advertise and promote their brand.
- Research their social media platforms performance identify their brand followers, activities, consumer engagements, and content.
- Do they use podcasts, blogs, websites, or anything else to expand their market?
- Identify what tone of voice they use on their brand when engaging with their target market.
Website
- Do they use the website on their brand?
- If so, identify how the usage of the website improve their brand
- Are their website features engaging and easy to use?
- Analyze what content they produce on their website
Customer’s relationship
- Is the company engaging with its consumers? How do they interact with them?
- Identify each platform they use to communicate with their consumers?
The examples given above are not the only steps in competing with your business rivals. It is only the overlying factors to identify the similarities and differences of your company between your main competition to help you gain an advantage.
What do we do in Bid Data Analytics?
Making strategic and effective organizational decisions using data analysis and interpretation is a tough job to do. That’s when Big Data Analytics comes into the scene. The solutions that big data analytics services offer includes a data-driven approach to review, interpret and manage the collected data for an organization to have a clear vision on how to provide the satisfaction of their customers and consumers. We must examine and review each information instantly so that any aspects will not get lost or excluded from the competitors.
- We can assist you with various solutions to improve your organizational plan.
- We can guide you on how to hold your consumers’ interest by outsmarting your competitors in specific areas.
- Provide a competitive advantage from the competitors and threats in your industry
Conclusion
Big Data Analytics Services create a competitive edge with bigger rivals and threatening competitions; analytical services help you formulate innovative methods and broaden your approach to communicate with your customers and provide for their needs and satisfaction. The significance of a competitor analysis is vital in business the business field. Studying your competition is an easy yet helpful marketing technique for ensuring that you will survive in the industry. With the line of organizations considered a threat to your growth, big data analytics services focus on formulating new methods to develop your company while also monitoring the actions and strategies of your competition. We believe that studying your competitor’s performance is necessary to give you a competitive advantage to your business success.