carry out a rigorous analysis of sector in which your activity takes place business it is essential to be able to identify our potential customers or our strengths and weaknesses regarding the competition. Essential task to develop business strategies as successful as possible and something that leads us to an unavoidable first step: the cnae seeker What tool for learn more about the competition. And for this it is advisable to have companies such as Iberinform to help us to identify the business opportunities and do not avoid unnecessary risks. A prestigious company that not only collects information but also contrasts it to convert data into true knowledge.
However, beyond the valuable and necessary advice we are going to reveal some fundamental concepts for study and meet with greater certainty our own business sector and its competition.
How to make the best analysis of the sector where you compete
After the conscientious research work, the next step is to make sense of all this data based on a basic premise: if we do not know in depth the behavior of our sector, we will not be able to carry out a successful strategy. Something that leads us to analyze both the macroenvironment (part of the company that cannot be controlled) and the microenvironment (elements that we can control). For this, it is advisable to carry out the analysis of Porter’s five forces:
- bargaining power of the customers.
- bargaining power of the providers.
- Threat of potential new competitors.
- Rivalry between competitors.
- Threat of substitute products and services.
As you can read, knowing who we are targeting, what our product is and what it is wanted for is essential. Although studying what surrounds us becomes just as important. On the other hand, carrying out a political, economic, social, environmental or legal analysis is also essential to obtain the most complete picture possible of our environment.
Why is it necessary to analyze your competitors?
Every time a new company is born, hopes are high that the project will go ahead. However, for this to happen, many factors must be taken into account. And, precisely, one of the most important is the study of the competition. Not in vain, thoroughly analyzing our competitors, their products or services and, ultimately, their operation is essential for can guarantee our own success.
The reasons for adopting such a strategy are innumerable and range from need to know our virtues or defects, to the possibility of having more data on the table to find hole in the market. But the advantages go much further. Facilitating the knowledge of our own clients and their different and varied needs. In short, this study offers us a much broader view and overall of our business.
Examples of actions to analyze the competition
Posts in background, it’s time to exemplify. And there is no better way to put a face to a strategy than with examples.
- One of the most replicated actions is usually browsing the pages Web of the competition and observe how they sell and sell. Something that will give us ideas and, ultimately, will enrich our business vision.
- Another option to take into account is the advertising approach. To study its online advertising (Google Ads or Social Ads) will help us to know that “Call to action” and “copies” carry out our competition.
- Thoroughly analyze the social networks of our rivals also tends to be quite an enriching task. Providing a clear idea of where we should focus our online presence. And it is that not all social networks are ideal for certain business sectors.
- Study with a magnifying glass SEO positioning competition is another essential step. Not surprisingly, it is something that provides us with a multitude of information. However, it should be borne in mind that, to carry out a truly accurate study, we must dive into Google from the perspective of one more client. Analyzing the terms that they are trying to position, paying attention to the meta-titles or descriptions or looking at the content of the recurring publications are some of the main issues to take into account.
- read the customer reviews is also very important. And it is that by analyzing this section we will obtain a lot of data that sheds light on the type of communication between the companies of the competition and their own community. Knowing how they react to problems with customers helps us, firstly, to quantify and qualify their attention to the user and, secondly, to use their mistakes as strengths of our own commercial line of action.
It’s time to study our competition
As you have seen, knowing our “rivals” in the business field is vital to shaping our own line of business with the best guarantees of success. As if that were not enough, many of these actions are relatively simple. And although they usually require many hours of analysis and the support of qualified profiles, they can be, at least in the first instance, carried out by anyone moderately versed in the matter.
