Magnitude is more than media and marketing. Our business development team led by Tony Ford can help improve your customer experience. Besides, we offer services in competition profile analysis and SWOT analysis.
What is Competition Profile Analysis?
The section of your business plan where you analyze rival brands is significant for your business growth. That’s why you need to “assess your competition on a regular basis even if you only plan to run a small business.” By writing competition profile analysis, you will learn much info about your rivals, such as which customers they target, where they place ads, and what prices they charge for their products.
How do you analyze your competitors?
Competition profile analysis is related to SWOT analysis. As such, it also helps to identify opportunities and external threats. However, define both current and potential rivals for a more in-depth study so that you can improve weak areas of your own business.
A few tips on writing competition profiles
Writing this section of your marketing plan can be the most difficult. In particular, you have to know about other companies besides your own. It takes a lot of research about your rivals before you can draft this section. To make things a little easier for you, here are a few helpful tips.
Read business media to gather info on rival companies
Define your competitors
Although this sounds very easy, you will need to do a lot of research for this one. How many of your rivals can you name? If you are a small business, there are chances you already know whom you are competing with. However, for large companies, the competition is broad and takes a while to define. Moreover, even small brands might compete with large retailers. Define as many of your rivals as you can at this point.
Gather info on them
If you have a chance to go to a retail store of your competitor, that’s great. Moreover, if not, you can visit their website or social media pages. As a result, you will gather info on their target audience, prices, customer service, products, benefits, promos, ads, and so on. Look for any info you can find on them, read the media and talk to people.
Analyze them
How and why do you analyze your competition? Rival brands might or might not have an advantage over your company in their products, services, or other details. Hence, by examining all the info you gathered, you can work on your strategy to determine the benefits you can offer to your customer that your rivals can’t. This way, your company will have a stronger presence in the market.
Talk to people at your competitor’s store to learn more about them
Why should you use our services for your next project?
Writing a competition profile analysis is a difficult task, where you will need professional help. Magnitude Means Business Growth. Founded by tech entrepreneur John Jacobs, our focus is on results-driven business development. Contact us today and let’s talk about how we can help your company grow.
If you are looking for more info about competition profile analysis, check out these articles.
“What Goes in a Competitor Profile.”
“How to Conduct and Prepare a Competitive Analysis.”
“Competitive profile matrix and analysis.”
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