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4 Ways to Do Competitor Analysis, You Must Know before Starting a Business

In the business world, the existence of competitors or competitors is a necessity.

That is, if you want to go into the business world, then you will definitely find one, two or more competitors.

Competitors can be defined as other entrepreneurs who offer products in the form of goods or services that are the same as the products we offer to consumers.

If competitors can't be controlled, then your business could just be ruined. This is because your customers will go to those competitors.

No customers means no income. No income means the company will bankrut.

Shutting down competitors in a healthy way does not matter as long as it is still in the stage of reasonableness and in accordance with the procedure or does not violate the rules in doing business.

This is important to do. If you can't control the movements of competitors, then it will be the competitors who will stop the pace of your business development.

This is where you can take advantage of the existence of competitors to be able to innovate.

Obviously, competitors should be analyzed so that you will easily control the pace of their development.

There are several ways to analyze the pace of competitors in the business world.

You as an entrepreneur need to know the following things to be able to analyze the pace of development of competitors' businesses;

  • Completeness of quality, design and shape of competitors' products
  • Prices that competitors offer
  • Location of branches or distribution channels owned by competitors
  • Promotions run by competitors
  • How to distort competitors' activities in the future

From there you can analyze competitors then you can determine certain attitudes or strategies to apply to your company.

Of course, you have to get information related to some of the points above.

However, to get answers or information from some of the points already mentioned earlier, you can use the following tips.

Competitor analysis can be done by:

Identify competitors

Competitors can be identified to find out the number and type including the strengths and shortcomings of all competitors.

To identify it, you need to do the following things;

  • Get to know and know the types of products or services offered by competitors
  • See how big the market is dominated by competitors
  • Identifying between opportunities and threats from competitor developments
  • Identify the advantages as well as weaknesses of competitors.

Determining the goals of competitors

Once you've successfully identified a competitor, it's time for you to set your competitor's goals. Here, you can distinguish competitors according to the products they offer. Based on the products they have, you can divide competitors into two types, namely;

  • Close competitors, that is, companies that have the exact same product or similar to your product
  • Competitors are far away, that is, companies that have products that are almost similar to the products you offer.

You need to be able to find your competitor's goals.

Why? Because by finding the target of your company's competitors, you can determine the direction of the company's movement to increase sales and hinder the pace of competitors' development.

This is important to do. How can you find a strategy to improve the company and hinder competitors if

You don't know whose competitors you are? Of course, this is where the importance of an analysis is.

The thing that should not be missed is knowing the marketing strategies of competitors.

This is quite difficult, however, if you pay attention to competitors, then you will find strategies used by competitors.

Remember, even if you observe the competitor's movements, it does not mean that your time and mind are exhausted to think about competitors. Not!

If you focus too much on competitors while not making changes to your company, the opposite is true.

Your competitors will keep going and growing while you are busy researching and identifying your competitors.

So, in addition to paying attention to the movements of competitors, you are also obliged to carry out certain strategies in your company to be applied.

The goal is to be balanced.

This is where it takes speed to make a strategy and determine a decision so that your company continues to run and the number or pace of competitors can also be controlled properly.

Identify the target market of competitors

We can sell the same type of product or service. This ultimately makes us have to compete with each other in winning sales.

Even so, the thing you need to know is, even though the types of products sold are the same, it could be that the target market of your business with your competitor's business is different.

That's what you need to analyze further regarding your competitors.

For example, you and a competitor both sell financial services products.

However, your target market is SMEs and MSMEs, while your competitors' target markets are students and college students.

Differences in the target market will affect various ways, techniques, and methods of an entrepreneur in running his business.

Therefore, this analysis is very important.

Reach New Customers, Keep Old Ones

Competition in the business world is natural.

However, as an entrepreneur you have the main task of being able to get as many customers as possible.

A healthy way must come first to be able to get customers while controlling competitors.

Customers here mean that in addition to taking care of old customers, a strategy is also needed to get new customers.

In addition, the pace of development of competitors must also be controlled or turned off.

Those were some ways to analyze business competitors before starting a business.

Good luck!

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