How important is it to track on your product or brand competitor?

It is indeed, a very important thing to do yet some businesses did not take it seriously. Most of them think that they don’t need to conduct competitor analysis simply because they think it’s only necessary for established businesess (brand or product) — with a good amount of budget. 

To simplify, A competitive analysis is a strategy that involves researching major competitors to gain insight into their products, sales, and marketing tactics. Implementing stronger business strategies, warding off competitors, and capturing market share are just a few benefits of conducting a competitive market analysis.

So why is it important? Because your company might chases roughly the same targeted customers as its competitors. You offer comparable products or services to each other but also you’re not entirely sure wether you win or lose. A competitior analysis can provide you with the road map needed to capture a greater share of the market and better understand the future trends that will affect your sector.

Here are some steps that we compile for your company to conduct competitor analysis:
- Choose the right competitors: Direct competitors are those who have simillar brand/product/services as yours. Indirect Competitors: Those who have simillar targeted audience to your product or brands.
- Do some research: List down their product, sales tactics, price, content strategy, distribution, social medias or digital assets, their deficiency and advantages. 
- Evaluate: Find the big picture of these competitors by using SWOT Analysis and compare it to your own.

Competitor Analysis may look simple but it need some times, and If it’s too much for you and your company, let us do the rest. 

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