Differentiate your offering. Clarify your USP. Spot new opportunities
What is Competitive Analysis?
Competitive analysis is the process of evaluating your competitors against your own business. It entails gathering competitive intelligence from various online and offline sources to help you make critical business decisions. Let's say, you’ve developed world's most flexible, headless e-commerce platform, and your clients are enterprise level organizations. There are others in your industry who have a similar kind of offering and their target customers are also the same. So how do you compare, in terms of platform features, architecture, capabilities, price, promotion and service? How can you better resonate with your customers, win more deals, and add more value to your product so you can help your customers succeed in their business goals? A competitive analysis will help you answer some of these questions and more. It will help you develop value proposition, positioning, marketing, sales and product strategies.
How will competitive analysis report help your Ecommerce technology business?
Competitive analysis is an essential part for your business, sales and marketing planning. What a competitive analysis report contains depends upon what is important to you and your stakeholders.
A market analysis mapping the size, growth, expansion and focus of your direct, indirect, emerging and legacy will help provide critical information that lets you assess the size of your market and where you stand vis-a-vis others.
A product analysis entails getting to know the strengths, weaknesses and deep understanding of your competitor's product offerings. It is important to know how you fare in terms of your e-commerce solution and the value you provide to your customers.
SALES AND MARKETING ANALYSIS
Once you know the ins and outs of all the alternative offerings your prospects and customers might consider, it is time to evaluate their sales and marketing strategy. What tactics are they using to attract leads? What social channels are they active on? What kind of tone and messaging do they use in their blog and social media posts? These are some important questions your competitive analysis report will contain.
With the help of all this useful intelligence, you will be able to identify your own own strengths and weaknesses as well as spot opportunities and threats. You will have actionable insights and steps ready for your teams. Your product team will better understand how to add more value for your end users. Your marketing will develop effective marketing strategies and messaging that helps differentiate and appeals to your customers. Your sales can be armed with sales battle cards so they are prepared with all the critical information they need to educate buyers, field any objections, present useful comparisons should the competitor's name come up and close more deals.
Competition Analysis for you as a stand alone service or as part of your marketing plan.
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