Developing a competitive analysis plan is determining who your competitors are. Once you’ve discovered who they are, you can dig into their strategies and walk away with actionable data.
For a product to succeed, the brand should know their competition and collect as much data as possible. This data helps to create a solid foundation and understanding of why customer prefers your products over others or vice-versa. Competition analysis is one of the ways to get this data, which helps brands in enhancing its loyalty and drives repeat purchases. Since it unveils relevant information about market saturation, business opportunities, and industry best practices, it is also crucial to analyze your competition at various stages of your business to ensure that you are providing the best possible product or service at the right price at the right time in the right setting for your customers. SWOT analysis is one of the prime measurements to start with, as it includes an assessment of how your business compares to others when compared to their features, pricing, service quality, strengths, and weaknesses. This will give you a complete picture of the entire competitive landscape.
divia conducts competition analyses regularly to stay up to date with market supply and demand and also to increase your competitive intelligence.