Competitive Data Analysis

Quality Score Calicut

In recent years, competitive intelligence (CI) has attracted the interest of many businesses. This interest is part fueled by easy availability of information and a surge in the proliferation of commercial databases, both free and paid.

Competitive intelligence is a marketing tactic and it is imperative that businesses incorporate it in their strategic marketing plans. It mandates a data gathering system, a process to verify the credibility of data, analysis of data collected, and formulation of action plans based on this information. Online marketers, in this regards, enjoy an advantage over their offline peers; they can get data pertaining to their competitors' marketing activities with much ease as compared to their offline counterparts.

Many organizations use competitive intelligence for counteroffensive when a more productive use would be to utilize it to formulate long term, non-competitive strategies. Applying competitive intelligence to gauge the current and future environment, identifying and neutralizing weaknesses and adapting strategies to the changing environment would bear fruitful results.

Mapping the Competitive Landscape Kannur

Why do some companies in an industry excel and achieve hegemony while others, sometimes with far superior resources, struggle to survive? The answer is simple – they compete with competitive intelligence. I am not trying to imply that other factors won't count, but if all else is equal, competitive intelligence would be the deciding factor.

In the past, gathering, analyzing, and implementing strategies based on metrics of your own website were sufficient to give you a dominant market position. The game plan could very well be formulated in isolation, discounting the external factors. But with the rapid expansion of online commerce, competitive intelligence has gained precedence.

Competitive analysis has two distinct dimensions, the competitors and the criteria, commutatively called the competitive framework. The function of competitive framework is to present data in a fashion that would facilitate the comparison of websites across various criteria, effortlessly. But before you could interpret data you would have to get it, and your competitors are the most unlikely source.

Data Acquisition and Assimilation

Data acquisition is the most crucial element of competitive intelligence. The Internet serves as a ready source of data, but the level of accuracy varies from one source to another. Absolute facts and figures are hard to come by in most cases.

To give context to the data obtained from aforementioned and other resources, the data will have to be interpreted and represented to provide actionable information. Mentioned below are a few ways in which this could be accomplished.

  1. Visits by industry segment: Inspecting and examining the industry segment that you are targeting will help you identify the big players and the level of competition likely to be faced. It is the first and rudimentary step in studying competitive landscape and plotting the future course of action.
  2. Search engine traffic share: It is estimated that 80% of traffic for a particular website comes from search engines. Knowing your share of traffic against your competitors would play a critical role in search engine marketing. Armed with this knowledge, you will be in a position to ascertain if increase in traffic is an industry-wide phenomena or whether your optimization efforts are helping you to beat competition.
  3. Analysis of upstream/downstream traffic: By looking at your web analytic tool, you would observe that the referring URL section is sometimes blank. This bit of information is important to study the traffic sources and their performance. Third party data vendors could very well help you bridge this information gap to a certain extent, if not completely. Knowledge of the referring sources for your competitors' websites would help you in exploiting additional sources for traffic. Similarly, the know-how of where visitors go after leaving the website would help gauge the reasons that might be triggering the exodus and thus help in plugging the loopholes.
  4. Segregating traffic by Media mix: Segmenting the core stream of traffic (the media mix) is equally important. This vital portion of information can be used for comparison, and thus help identify the scope for improvement and avenues for further exploration. Knowing the major sources of traffic for your competitors would enable you to delve into those sources and derive goodies for yourself.
  5. Segmenting traffic by consumer profile: Consumer profiling data (age, demography, interest, income, lifestyle, etc.) can be used in tandem with their browsing behaviors to understand the internet behavior of your targeted segment. Again, comparing this data with that of your competitors would allow you to pinpoint untapped segments or segments that are more profitable than others.
  6. Share of power key phrases: Category keywords like mp3 players, DVDs, digital cameras, etc. are known to generate high volume traffic and serve as an 'entry points' into the process of consideration. Knowing your share of market for such keywords with respect to your competitors would help you study customer reach. Marketers may be divided over this, but reaching a customer early has its own benefits.

Compititive Analysis

Compititive Analysis Conducting and preparing your competitive analysis will follow these steps:
  1. Conduct Research
  2. Gather Competitive Information
  3. Analyze Competitive Information
  4. Determine Your Own Competitive Position
Conduct Research Cochin

Conduct Research Professional marketing research, such as focus groups and questionnaires, can provide you with valuable information about your competition.

While a marketing research firm can save you time and legwork, it can be quite expensive and simply not a possibility for new and growing businesses.

Much of the information you need in order to profile your competitors is readily available to all business owners. As your business grows and expands, you should consider supplementing your own research efforts with some formal research conducted for you by an outside firm.

Gather Competitive Information Bengaluru

Gather Competitive Information Secondary sources of information are recommended as an excellent starting point for developing a competitive and industry analysis. Secondary sources include information developed for a specific purpose but subsequently made available for public access and thus alternative uses.

For example, books are secondary sources of information as are articles published in journals. Marketing reports offered for sale to the general public also are considered secondary sources. Although, they have been created for a purpose other than your current need, they are still excellent sources of information and data.

With the ever increasing speed of document identification and retrieval through electronic means, secondary sources are not only an inexpensive source of information but are readily available soon after publication.

Analyze Competitive Information Palakkad

Analyze Competitive Information Once you've gathered all of the competitive data you have been able to locate, it's analysis time. You should analyze to determine product information, market share, marketing strategies, and to identify your competition's strengths and weaknesses.

Product Evaluation You should know from your sales staff and customer feedback what product features and benefits are most important to your customers and potential customers.

A product's or service's competitive position is largely determined by how well it is differentiated from its competition and by its price.

Determine Your Competitive Position in the Marketplace Kottayam

one of several followers, or new to your marketplace. Once you have identified and analyzed your competition, and understand your competitive position, you are ready to do the following:

  1. Identify and discuss key areas of competitive advantage and disadvantage. Review the competitive environment for your product or service. Comment on both similar and substitute products or services.
  2. Summarize the major problems and opportunities facing your firm which may require action. Issues which should be considered include types of market penetration, distribution coverage, product line needs, price revisions and/or cost reductions.

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