Competition exists in every field today. It builds the drive within us towards achieving our goals. Analysis of competition in business is an important aspect in order to develop uniqueness in our products. It acts as a source of innovation in the field of business. This article delivers various marketing strategy examples of the competitor which can be used to build a marketing plan.
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Competition analysis for business is an essential part of building a marketing strategy. Evaluating your competitor’s way of marketing and strategizing is an effective way to work upon your strengths and weaknesses. This can be used to develop your marketing plan using your competitor’s marketing strategy example. The following points are the ways of doing a competition analysis to build your marketing plans:
1. Necessary aspect of business strategies
There are numerous companies in the market aiming at the same goal- meeting the customer needs. Everybody would know the basic points of inculcating creativity in their products. However, in order to be unique, you should observe your competitor. Keep an eye on the strengths and weaknesses of your competitors. Assess how successful their strategies are towards achievement of the goals. Take tips from their success and failure and learn from them. This will enable you to enhance your stake in the market by understanding how the market works.
2. Conduct market research
You should look around to have a view of your competition. Accordingly, prepare a list of top 10 competitors. Evaluate whether or not, their marketing strategies are in the direction of pursuing goals. You should take advantage of their weakness and provide the customers with the things that they aren’t able to. This will give you a sharp competitive edge in the market. Apart from their weakness, observe their strengths as well. Work on your product by improvising in all the aspects of serving the customers. Therefore, market research is very important to find out ideal marketing strategy examples of the competitors.
3. Use competitive analysis tools: SPOT and PEST
You can use the SPOT analysis tool. SPOT means strength, problems, opportunities and threats. Strengths and problems are usually internal to a company but opportunities and threats are external matters. The competitor’s weakness can be used as an opportunity for your business organisation. Whereas, a competitor’s strength can be taken up as a weakness, which you should work upon. Therefore, spot analysis can be used as an effectual tool to develop a marketing strategy.
PEST tool is a political, economic, social and technological tool. It can be used to analyse the opportunities and threats for a business in terms of political, social, economic and technological aspects. For example, Apple’s introduction of a full glass display phone made Samsung innovate and come up with the same kind of technology.
4. Competitor’s promotional tools
Analyzing the competitor’s marketing strategies is important for competition analysis of a business. For example, you can refer to the competitor’s brochures and pamphlets which can give you an idea of his pricing structure. Notice how he has put light on the product’s features and benefits. Accordingly, develop your brochures and pamphlets in a unique manner. Read their articles and blogs. That will enable you to keep a track of their latest activities and give you important information about their future goals.
5. Make use of employees and associations to know competitor’s way of functioning
Employees of one company are usually in touch with the employees of other companies. They know a lot of information in the forms of gossips and rumours. You can refer to those employees or various trade associations to understand the competitor’s style of operation. They have loads of data published involving the performance reports of various companies. This can give you a good insight into an ideal marketing strategy example of a competitor.
6. Direct observation
A good observation sight is enough to get a detailed view of competition in the market. You can directly observe the rival’s way of presenting the products. Go for a walk in the market to observe their style of operation. Ask them questions about their stock or from where they procure their products. Thus direct observation is an effective way of doing competition analysis for a business.
7. Case studies
Marketing strategy of GoPro
GoPro is an American technological company founded in 2002. Various competitors of GoPro are Samsung, vievu, eyesee360, etc. GoPro has introduced action cameras. One of the most popular action cameras is GoPro(Hero) 2018. The competitive advantage of GoPro(Hero) 2018 is that due to its technological advancement, not many companies can produce the same products.
Marketing strategy by Heineken
Heineken is an Amsterdam based Dutch brewing company. It has associated itself with various recognized platforms. This has made its brand more prominent in the market in comparison to other competitors in the market. Apart from this, it provides a wide variety of products in every field.
All the above points serve as an aid to build a marketing plan using the competitor’s marketing strategy example. They are essential points to build marketing plans using competition analysis for business.