ՀՀ-ում միջազգային որակի կրթության ապահովման իր առաքելությունը
BSMI-ը իրականացնում է իր ամենակարևոր ռեսուրսի՝ դասախոսների շնորհիվ։
Մենք մշտապես ոգևորված ենք՝ մեր թիմը համալրելու ոլորտի առաջատար մոտիվացված մասնագետներով։
Եթե ցանկանում եք դառնալ BSMI Team-ի անդամ, ստորև լրացրե՛ք հայտը, և մենք կապ կհաստատենք Ձեզ հետ։
Թո՛ղ տվյալներդ, և մենք կապ կհաստատենք քեզ հետ:
Competitive Analysis
In this article, we present a step-by-step guide for one of the most important phases of a marketing strategy – competitor analysis.
Depending on the objectives and tasks set for a specific study, one can focus on a few objects (for example, analyzing positioning or product range) or conduct a comprehensive analysis of the environment.
Let’s consider 6 key steps that need to be taken for such analysis:
Therefore, setting clear objectives is crucial to avoid being overwhelmed with irrelevant information later on.
2.Identify the competitors
Once the objectives of the analysis are defined, it's important to select competitors based on various marketing characteristics. One of the most important aspects is "Target Audience and Their Needs." This characteristic involves answering the following questions:
If the answer to all of these questions is "yes," then the organization in question is your competitor. It’s important to note that the products may differ but still solve the same problems, which is why this phase requires careful consideration.
Other characteristics are also important, such as price/quality ratio, market share, product range, etc. It is not wrong to analyze competitors who surpass you on all parameters (i.e., choose competitors that are not necessarily the closest to you). Such an audit will provide valuable information; the key is not to waste time analyzing competitors who are significantly weaker than you.
Here are several possible ways to identify your competitors:
How to find leading competitors:
After preparing a list of competitors, research their websites to identify the most valuable ones for analysis. After the initial selection, compare their websites with yours on Similarweb.com to understand how similar you are and which competitor is stronger.
Then, analyze the content, visibility, and traffic of each competitor on Serpstat. Simply enter their website address and explore the digital report.
Let’s consider 6 key steps that need to be taken for such analysis:
- Define the objectives of competitor analysis
Therefore, setting clear objectives is crucial to avoid being overwhelmed with irrelevant information later on.
2.Identify the competitors
Once the objectives of the analysis are defined, it's important to select competitors based on various marketing characteristics. One of the most important aspects is "Target Audience and Their Needs." This characteristic involves answering the following questions:
- Are your products/services targeting the same audience as those of the competitor?
- Do the competitor's products/services solve the same problems as yours?
- Do your target audience members come across the competitor’s product/service while searching to fulfill their desires?
If the answer to all of these questions is "yes," then the organization in question is your competitor. It’s important to note that the products may differ but still solve the same problems, which is why this phase requires careful consideration.
Other characteristics are also important, such as price/quality ratio, market share, product range, etc. It is not wrong to analyze competitors who surpass you on all parameters (i.e., choose competitors that are not necessarily the closest to you). Such an audit will provide valuable information; the key is not to waste time analyzing competitors who are significantly weaker than you.
Here are several possible ways to identify your competitors:
- Online Search: Take on the role of the consumer and conduct searches in Google/Yandex, as well as Яндекс.Директ and Google Adwords. Use different queries and select the competitors that appear frequently in the search results, and create a list.
- Consulting with Sales Managers: Discuss with your sales team to find out which competitors they are aware of and how they know them. Add the names of those companies to your list.
- Surveying Target Audience Representatives: If possible, ask consumers who fit the profile of your target audience about which brands they are familiar with and who they consider your competitors.
- Industry Rankings: Research rankings to identify market leaders and add them to your list.
- Online Services: Popular platforms like similarweb.com, serpstat.com, and spywords.ru can help identify competitors. While full-service versions are paid, free versions still provide valuable insights into competitors that are similar to yours.
How to find leading competitors:
After preparing a list of competitors, research their websites to identify the most valuable ones for analysis. After the initial selection, compare their websites with yours on Similarweb.com to understand how similar you are and which competitor is stronger.
Then, analyze the content, visibility, and traffic of each competitor on Serpstat. Simply enter their website address and explore the digital report.
Don't forget to note down the keywords that helped the competitor rank high and be visible to the target audience, so that you can incorporate them into your website data.
The "visibility" parameter shows how strong a competitor is. That is, how many of their pages (products) appear in Yandex/Google. The more pages are listed in the top search results of search engines, the higher their visibility. Be sure to research the websites in your niche with high visibility.
For analysis, leave 5-10 competitors.
3.Define the criteria for competitor analysis and proceed with the analysis
Once the list of competitors is ready, it’s time to define the criteria by which you'll carry out the analysis. As mentioned earlier, the criteria depend on the goals of the analysis. There are two types of criteria: conditional quantitative and qualitative.
Start analyzing each competitor based on all criteria. Add their data to the table "in real-time." At this stage, you should have a table that looks something like this (the tables are taken from our students' work).
For analysis, leave 5-10 competitors.
3.Define the criteria for competitor analysis and proceed with the analysis
Once the list of competitors is ready, it’s time to define the criteria by which you'll carry out the analysis. As mentioned earlier, the criteria depend on the goals of the analysis. There are two types of criteria: conditional quantitative and qualitative.
Start analyzing each competitor based on all criteria. Add their data to the table "in real-time." At this stage, you should have a table that looks something like this (the tables are taken from our students' work).
Conditional Quantitative Criteria/Indicators
These are the criteria that can be evaluated quantitatively (e.g., on a 10-point scale). Such parameters could include, for example, the convenience of placing an order via feedback forms, the company's positioning reflected on the first page of a search engine, the quality of service descriptions, etc. Fill in the table with all the criteria and give ratings (it’s recommended to determine the importance of each criterion in advance). Afterward, you will get a certain rating, which will help you understand in which parameters the company is a weak competitor, what needs to be improved, and where to place emphasis.
Qualitative Criteria
This part of the analysis is the most interesting. Here, you should research parameters that cannot be quantified, such as the features of the brand’s packaging, communication specifics, emphasized competitive advantages, and so on. In this case, you will get a table like the one below (the example below is from the tea market):
These are the criteria that can be evaluated quantitatively (e.g., on a 10-point scale). Such parameters could include, for example, the convenience of placing an order via feedback forms, the company's positioning reflected on the first page of a search engine, the quality of service descriptions, etc. Fill in the table with all the criteria and give ratings (it’s recommended to determine the importance of each criterion in advance). Afterward, you will get a certain rating, which will help you understand in which parameters the company is a weak competitor, what needs to be improved, and where to place emphasis.
Qualitative Criteria
This part of the analysis is the most interesting. Here, you should research parameters that cannot be quantified, such as the features of the brand’s packaging, communication specifics, emphasized competitive advantages, and so on. In this case, you will get a table like the one below (the example below is from the tea market):
4. Match the Results
Once all the data has been collected, it is important to accurately compare the results. The clearer and simpler the infographic is, the easier and more precise you will be able to perform your calculations. Below are more common examples:
Once all the data has been collected, it is important to accurately compare the results. The clearer and simpler the infographic is, the easier and more precise you will be able to perform your calculations. Below are more common examples:
For example, this image shows how many times a specific factor is mentioned by a particular competitor. Such a diagram should be used in at least two cases:
- To check the frequency of repetition of certain characteristics by competitors.
- To assess the expressiveness of certain characteristics by competitors.
Building such maps allows you to gain an understanding of a competitor's positioning in the competitive environment and determine the direction in which efforts should be focused, especially for improvement or differentiation.
5. Create a Positioning Map
Depending on the analysis goals and the selection of criteria, the axes may vary. For example, it can be built based on the "value/quality" relationship, as shown below.
Depending on the analysis goals and the selection of criteria, the axes may vary. For example, it can be built based on the "value/quality" relationship, as shown below.
6.Drawing Conclusions
Sometimes, this is the easiest part of the analysis. Here, the obtained results are combined with classical marketing knowledge, experience, and awareness of the current situation. All of this together allows for a well-rounded conclusion and the successful realization of goals.
After completing the steps described above, the only thing left is to choose the preferred strategic methods from the research and proceed with their implementation.
Sometimes, this is the easiest part of the analysis. Here, the obtained results are combined with classical marketing knowledge, experience, and awareness of the current situation. All of this together allows for a well-rounded conclusion and the successful realization of goals.
After completing the steps described above, the only thing left is to choose the preferred strategic methods from the research and proceed with their implementation.
