Austin Rotter Gives a Guide to Achieving a Proper Competitive Analysis

A competitive analysis is a process businesses use to gather information about their competitors. It can help them improve their various approaches and strategies. This exercise also benefits new and established companies by allowing them to study the competitive landscape. Here is a guide to achieving a proper competitive analysis.

Goal Setting

Before starting the competitive analysis, it's essential that the goal is to identify the main factors that affect the company's operations. A comprehensive report should also include other aspects such as marketing, pricing, and the strengths and weaknesses of the competitors. The analysis can be more precise by focusing on one or multiple elements.

Find a Competitor

To start a competitive analysis, identify the businesses that your customers would most likely buy from. This step can also be done by examining search engine results pages and analyzing industry share statistics. Next, look for similar products and services and determine which companies have the same wholesalers and suppliers. Finally, narrow the list to ten or fewer relevant companies to ensure that each receives adequate attention.

Collect Information

Once the list of competitors has been prepared, start collecting information about them. This can be done through their websites, social media accounts, and annual reports. You can also check the company's history and financial sources. For further analysis, look for information such as their size, growth, and geographical location.

Examine Their Services and Solutions

Conduct a comprehensive analysis of all of the competitors' offerings. This step can help you determine which products or services are most popular. In addition, look into their distribution and quality. Also, learn how they acquire their materials and other providers.

Compare and Contrast

One of the most critical factors you should consider when conducting a competitive analysis is the pricing strategies of the other companies. This can help you determine which products or services are most popular. Various pricing structures, such as cost-plus, variable, freemium, and dynamic, can be used.

Make Changes

After gathering information about the competitors, compare the findings with the company's internal documents to determine if there are any natural advantages that your organization can offer. For instance, by having the better quality or lower prices, you can increase the chances that your customers will buy from you. This is a crucial aspect of competitive analysis. In addition, learn how the organization can improve its operations and ensure it can continue growing.

ABOUT AUSTIN ROTTER

Austin Rotter is a Public Relations executive living in Hoboken, New Jersey, who operates professionally out of New York. In his career, Austin has distinguished himself in the industry through his diligence, expertise, insight, and passion for the work. His particular skill set lies in media strategy, media relations, and branding businesses, both established and up-and-coming.

For the past eleven years, Austin Rotter has been working in the public relations industry, building the knowledge, skills, expertise, and insight that have helped him propel his career to where it is today. Throughout his decade-plus career, Austin has worked with more clients than he can name, ranging from promising startups to Fortune 1000 brands to tech companies exhibiting hyper-growth. He has honed his industry knowledge, refining his skills and furthering his knowledge in order to provide his clients with the best possible solutions and strategies when it comes to managing their brands and public images.

Alongside his robust professional career, there’s nothing in the world that Austin Rotter enjoys more than spending time with his beautiful family. He and his wife have been married for more than four years, and the two have a great dog and a wonderful baby daughter together. They live in Hoboken, New Jersey, where they love to absorb the local food and sites whenever possible. Austin is also a sports fan, rooting for New York-based sports teams whenever he has the chance.