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Common mistakes when conducting competitor analysis

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Common mistakes when conducting competitor analysis

Market analysis It is based on the processes of capturing and processing all the information flows on the characteristics of a given business sector. Some of the variables that you should consider are: Supply and demand indices. Market share size. Business trends and dynamics. Neglected niches or segments. Legislation in the geographical area of ​​interest. Industry regulations. contexts. Comparison of competitiveness factors This consists of comparing various benefits at a competitive level for a better positioning  Craft Supplies business email list To achieve this, you must consider the following aspects: Prices of products or services. Presentation formats (containers, labels, forms, etc.) or provision (in the cloud, on-premise , by subscription, among others). Experiences in interactions during each stage of the customer’s journey . Degree of customization in marketing campaigns or customer service processes . Technologies implemented to

Start analyzing your competition today Common mistakes when conducting

Immediately increase purchasing processes. Competitor identification This type of competitor analysis is based on identifying competitors. To achieve this, you must verify if your competition is direct or indirect. We know that sometimes it is not so easy to distinguish your main competitors. Therefore, we suggest that you carry out your analysis very carefully. An example of direct competition is that between Coca-Cola and Pepsi. They both sell the same product to the same audience: people who consume soda. Its indirect competitors would be the natural juice brands, whose product is similar but serves a potentially different audience. Common mistakes when conducting competitor analysis When conducting a competitor analysis, some mistakes are often made. To help you avoid them, we are going to explain what they are. Belittle your

Common mistakes when conducting competitor analysis

Market analysis Common mistakes when conducting competitor analysis

competition: It is important that you know that, regardless of the size of your competition, you should analyze it in the same way: with attention to detail and depth. Not taking indirect competition into account: Another common mistake when conducting a competitor analysis is to focus on direct competition. The indirect must also be analyzed, since it can bring you information that will help you position your business in the market. Overconfidence in intuition: if you do not dedicate effort and dedication to analyzing your competition and you settle for your intuitions, it is very likely that you will make mistakes. For this reason, we recommend that if you are taking your first steps in the world of entrepreneurship , you carry out in-depth and detailed analyzes of all the relevant factors for the growth of your business. Start analyzing your competition today As you have seen throughout this post, identifying and analyzing your competition is

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