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Business owners spend the majority of their time focusing on business operations. Business owners keep eye on all the sales targets & the progress, output of advertising, supply & demand orientation & keeping records of daily, weekly & monthly sales & revenue.
Periodic competitors’ analysis is the most important point for any growing business, it helps you know what your competitors are doing and what should you do to stay in the first line of competition & don’t be left behind.
Competitors analysis is the analysis of your core competitors - why they do what they do, and what is the possible impact of their activities. It will not only help you understand your current business situation but also help you see the new opportunities to be implemented for your business growth. The competitors’ analysis also opens opportunities for you to overthrow your competitors.
Basically, we have two core types of competitors & another type of competitor called Phantom which is a giant & totally irrelevant competitor that your customer like to purchase products. There are two types of competitors, the direct ones & the indirect or big names in the industry or specific niche. You should know & follow both so that you can dominate your direct competitor. Cadima You see offer best web development in Dubai
You should focus on one competitor or 2 at one time for competitors’ analysis, but for us, the most suitable approach is to analyze many so that you can have a clear picture of their ideas & activities in comparison to yours. Cross-compare the different competitors, analyze why one has an edge over others and you, and what they are doing which got them a leading position. Shortlist the activities your business advertisement has lacked.
Obviously, every business has a target audience and knows its customers. The rival businesses have all the things same as yours from target market to target audience, age groups etc. The difference may be in the targeting method or how you reach them. To know their followers better, the best is to check their social media handles.
Check their content, backlinks, social media presence, their online entities like websites, videos, etc, from these entities you would get a clear picture. For email analysis, you can subscribe to their newsletters to know what kind of email marketing strategy they are following. Moreover, there are many competitor analysis tools that you can use to know the exact resources of your competitors. You can hire best digital marketing agency Dubai for competitors analysis
When you are done with all the necessary steps of competitor analysis, it is time to start data mining and analyze all the data. Cross-compare it with your activities and resources, and point out the activities which you haven’t implemented yet. You can use an excel sheet with each and every column having an aspect of every activity.
SWOT analysis is the old method of analyzing a few specific points which specify the competitors’ analysis process.
Strengths: Analyzing the strong points of the competition
Weakness: Weak points
Opportunities: what are the opportunities
Threats: The possible threats
These are the core aspects of the competitors’ analysis process to know the whole status of your competitors. This process of analyzing competitors gives a better idea of how to tackle the competition, and what types of activities you need to implement to improve the business advisement quality.
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