This is Why and How You Should be Doing Competitive Analysis For Your Business.
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This is Why and How You Should be Doing Competitive Analysis For Your Business.

This is Why and How You Should be Doing Competitive Analysis For Your Business.

If you are running a business, you should be well-aware of your competitors in the market. How they launch their products, what extra they provide, & what’s their market position are some of the key aspects that demand your constant monitoring. Despite being highly grueling in nature, this process is more than important. With the right competitive analysis and online phone number implementation, you can make it a cakewalk.

What is competitive analysis and how VoIP can make it happen easily?

In literary terms, competitive analysis is the process of mapping your business position in comparison to your competitors in the market. It revolves around the monitoring of your competitors’ marketing program launch and its impact on customers, analyzing the current consumer base, and tracking the sales figures. 

This process is important to stay up-to-the-mark as per the latest market trends so that you can mold your business practices accordingly.

If you are not doing this for your business, be ready to witness foreseen downfall.

Performing competitive analysis is more than checking the competitors’ business statistics on Google. It demands the right methodology and resources to yield out worthy results. The implementation of internet phone numbers is one such approach that delivers what you seek. After years since its inception, VoIP or Voice over Internet Protocol has taken the shape of more than mere calling means. It has emerged as a potential business tool that can help your business at ample of verticals.

When it comes to competitive analysis, the aid of VoIP can be used in doing market analysis, website monitoring, and gathering some information as a possible customer. For example, you can use a local UK phone number to call your primary competitor in London (+44 20) and make an inquiry about the product/service cost, features, and after-sales services.

This is how you should conduct a competitive analysis for your business –

Know your counterparts well

Before you make any further move, the first thing to start with is identifying your competitors. There are ample of service providers for one service/product.  Can everyone be counted? No. Well, a start-up should not count the industry mogul as its immediate competitors. Its immediate competitors are other start-ups and businesses that nearly completed their one or two years in the industry.

To find out the right competitors for your business, you can use resources such as Alexa, Hoovers, Keyword Spy, and ReferenceUSA.  Gather information from these sources and start categorizing them based upon their operations. The competitors can be classified into three categories:

  • Primary Competitors – The one which targets the same audiences, sells the same products, and are of the same organizational size are your primary competitors.
  • Secondary Competitors – The one whose products are either of higher or lower versions of your product are your secondary competitors. 
  • Tertiary Competitors – The one which sells products/services that are tangentially related to your products are your tertiary competitors. For example, the tertiary competitors for a jewelry business are the one which is selling other precious gems and stones. 

This is the very first step of competitive analysis and is known as competitive intelligence gathering.

Keep track of the online presence and marketing process. 

The significance of online platforms in our lives is undeniable. It has even proved its viability as influencing marketing tools. So, don’t forget to keep track of the online platform presence of your competitors. Things like how properly your competitors optimize their websites, do they offer a mobile application, how they pitch the customers on social media platforms, and how frequent they run online promotion programs need your constant monitoring. 

To get the detailed insight of it, you can follow them on social media, subscribe to their newsletters, and can even purchase a product and see how their after-sales strategy works. 

Perform SWOT analysis

swot-analysis-header

SWOT or Strength, Weakness, Opportunities, and Threats analysis is also a major part of competitive analysis for your business. In this analysis, you try to find our answers for what does your company do well, what gains your competitors an edge over you, what are the emerging trends, and what threats can erupt in your business ecosystem. Knowing the answers to all these questions holds the utmost importance from the long-term survival of the business. 

Gain insight into their customer service 

Achieving perfection in customer service operations is an essential task for any business. The happier the customers, the imperative is a business success. That is why you need to know how your competitors are treating their customers, are they using the toll-free number, how they deal with dissatisfied customers, and so on. For example, if you are extending your business to the UK, using a toll-free UK phone number of leading cities like Birmingham (+44 121) will help you make the customers happy, due to your local presence and identity. 

Knowing your competitors is important if you want to taste success. So, conduct competitive analysis with these tips and integrate success at every vertical.

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