Stay ahead of your competition
For a better competitor research, first you should identify the real competitors of yours. They may not be the one who you think are. In any field, there are different levels of competition. You should look for companies with whom you can compete shoulder to shoulder. For example, it will be foolish to compare a new entrant in the retail business with the business of Walmart that has established its reputation decades back.
There are several advantages of doing competitor research. It is an opportunity for you to identify the successful brand marketing strategies adopted by your competitors and to adopt them for your business in a better manner. The successful new businesses may have fewer legacy techniques that work now, not a few years ago, so you can adopt them without thinking twice.
There are two basic frameworks that allow you to do competitor analysis: SWOT analysis and Five Forces analysis.
“SWOT” stands for Strengths, Weaknesses, Opportunities and Threats. The test helps you analyse your position in relation with that of your competitions. The key data analysed through this research include comparison of financial data, strengths and weakness of management team, strength and weakness of marketing strategies, analysis of patents or intellectual property protection assets, and assessment of distribution channels and strategies. A SWOT analysis may also look at external market conditions to identify potential opportunities and threats.
The “Five Forces Analysis” technique was developed by Michael Porter, a professor at Harvard Business School. He defines five forces that define the competitive landscape for any company: customer bargaining power, supplier bargaining power, product substitutes, barriers to entry, and potential new competitors. Analysing these factors provides a foundation for establishing your firm’s strengths and weaknesses, as well as those of your rivals, according to Porter.
There are a number of automated tools that help you do competitive research. They can make the process easier by allowing you to focus on the areas that you are interested in. A web design, London agency such as Digital Broadcasters U.K., offers competitor research services as part of their Web marketing services portfolio.
Here are some of what our customers say:
Another success story of our e-commerce development and website design
People buy and use services that they read about on another persons blog
Questions to ask yourself to achieve exactly what you want from your site
A bespoke e-commerce solution created for one of the biggest shows on TV
One Billion Page visits. Total of 750,000 signed-up
Sell your products and services directly on facebook to the masses
Target your audience and customers with targeted email marketing campaigns
Find out who we have worked with and the awards we have achieved
A drupal website to showcase the best of windmill adult entertainment
Together we can create spectacuar websites that deliver results!
Digital Broadcasters Ltd, 26 York Street. London. W1U 6PZ
Existing customers: 020 7477 2269
New customers: 020 7224 4353
Fax: 0870 0417 862