Conducting a competitor analysis

Completing a competitor analysis will give you valuable insights about what other businesses in your market are doing to attract customers.

Developing a Competitor Analysis is a step in the research phase of business planning to help you to understand more about businesses that are in the same consideration set of your customers. What you’re aiming to do by analysing competitors is to gather intelligence about where your ideal customers are going for services or products like yours and to find out why they are not coming to your business.

Whether you are developing a business plan and doing the competitor analysis as part of that exercise or whether you are looking to make improvements in your products or marketing, doing this research will reveal insights that will be helpful to you.

Choosing Businesses for your Competitor Set?

To select which businesses to research you will use several sources. Firstly, you may already know of businesses that you identify with as competitors. Secondly, there may be businesses that aren’t direct competitors, but they do offer similar products or services similar to your business, or they may service a different market, or be located in a non-competitive area or distribute through different channels to you.

Don’t assume that you know who these businesses are already, do your research online. Search using search terms that your customers would typically use (put yourself in the mindset of your customer) and see who shows on page one of Google. This may reveal competitors who you weren’t aware of.

Choose five businesses that you believe are a relevant comparison to your business and choose businesses that present themselves professionally, appear to have brand equity, have a good online reputation and generally appear to be promoting themselves well.

What to Assess?

The online environment makes it very easy to get a transparent view into what other businesses offer, how they service their customers, pricing and how they are promoting themselves. Below are suggested attributes to look for:

  • What is their primary focus? Is their unique selling proposition clear? How does it compare to yours?
  • Who is their target market? Can you tell from their website?
  • Take note of their google reviews. What is their average star rating? How many reviews do they have? What are their customers saying about them?
  • How do they rank in Google for search queries that your customers most likely use? Are they coming up on the top of page 1? How does your business compare in these search engine page rankings?
  • What do you like about their website? Do some secret shopping on their website and see how you enjoy the user experience.
  • Have a look at their social media pages? How professional are their pages? Are they posting regularly and getting plenty of engagement? How does this compare to your business?

 

Competitor Analysis table with competitors in left column and product/customer focus/attributes in the right column

Turning Insights into Action

Once you have completed the table above you will have a number of ideas about how your competitors are performing compared to your business. You will also have generated a number of ideas that you can investigate for your business with the aim of acquiring more customers.

Take these insights and create an action list for yourself and prioritise them with a timeframe so that you make them happen and in doing so move your business forward on a growth and sustainability trajectory.

Competitor analysis action plan table with columns: Priority, Action and Deadline

This article first appeared on Navii.com.au on the 27th of August 2021.

FREEBIES: Grab your free resource + bonuses!

Pop your details below to download your free resource and our extra bonuses, which include cheatsheets, our Smart Tourism Marketing System email course and monthly grant funding opportunities! 

Leave a Comment

Your email address will not be published.

Latest posts

How to not get ripped off in Business by a Marketing Freelancer or Digital Professional

Our cheat sheet will help you identify legit professionals from scammers. That way you can have peace of mind when outsourcing business operations or acquiring additional help.

Read More →
automate with Zapier

Want your business to work 24/7 for you: then automate admin tasks with Zapier

Learn how to use Zapier to automate time-consuming tasks so that you can focus on the more important things like growing your business.

Read More →

Your Tourism Business Roadmap out of Lockdown in 3 Steps

Our Tourism Business Roadmap out of Lockdown provides operators with only the most necessary information and resources needed to re-target customers and re-open business after many states have experienced months of pro-longed lockdowns.

Read More →

Stay current

We’ll keep you current on the latest digital tools and opportunities that will help you to remain competitive in the digital world.

Brisbane
Head office

Suite 1,
57 Woodfield Rd
Pullenvale QLD 4069 
Australia

Sydney

Suite 101,
18-20 Victoria St
Erskineville NSW 2043
Australia

Melbourne

5 Molesworth St
Hawthorn East VIC 3123
Australia

Adelaide

120 Kenilworth Rd
Parkside SA 5063
Australia

Agnes Water

139 Bicentennial Dr
Agnes Water QLD 4677
Australia

Europe

36C Rte de St Cergue
1260 Nyon
Switzerland

aboriginal-flag

Our team would like to acknowledge the traditional custodians of Country throughout Australia and their connections to land, sea and community. We pay our respect to their elders past, present and emerging and extend that respect to all Aboriginal and Torres Strait Islander peoples today. We acknowledge that the sharing of knowledge has occurred across the lands and waterways of Australia for many thousands of years. As we continue to share stories and support small tourism businesses we try to listen to the knowledge and practice that has always existed here and consider how we can contribute to the preservation of culture and Country wherever we live and work.

© proudly brought to you by Digital Coaching International   ABN: 45 153 766 771 All prices are in Australian Dollars

Terms & Conditions  | Privacy Policy