Competitor analysis supplies valuable insights about the marketplace where the business is operating and derives findings on competitors – their strengths and weaknesses compared to your business entity. In the highly competing business sphere, knowing the competitor strategies are vital in curating your business marketing plans.
Social Pulsar marketing experts offer top competitor analysis services in Kerala that help you seamlessly in assessing the market behaviour and happenings that will have a high impact on your business decisions. In addition, it also helps you understand the strengths, weaknesses, opportunities, and threats relative to your competitors.
Widely touted as the top digital marketing agency Kerala, we have the experience and expertise to create a comprehensive strategy to help you understand what exactly are you up against and also deal with your competitors. In addition, our experts also assess the competitor’s responses to your brand’s strategies.
Every business is operating within an ecosystem. None of them exists in a vacuum. Hence it is essential to consider the strategies of your business competitor while formulating your business strategy. It helps in identifying the opportunities and threats for your business in the market. By identifying the pros and cons, you can effectively drive your custom strategy for your business objectives.
Competitor analysis begins from spotting the existing competitors and potential competitors. It filters out all the possible sources of competition, including strategic actions and reactions that will determine the profitability of two or more businesses. A well-scripted competitor analysis will allow an organization with a few potential competitors to keep a close eye on the activities of competitor organizations.
According to American academic Michael Porter, there are basically five major factors that will depend on the competitive environment between organizations. These five pointers should become the conceptual background for evaluating the strengths and weaknesses of an organization with another in a similar competitive environment.
However, from a broad perspective, competitor analysis requires to have a lot of business data in place – from size, growth, profitability, objectives, culture, strategies, exit barriers, etc. The following are some of the objectives of competitor analysis.
With such humongous preparations and data handling involved, it’s even obvious to doubt the intention of competitor analysis. However, competitive analysis is a completely legal procedure, where information is collected from the public domain from various financial findings and other business reports published by an organization. There are several authorized databases both online and offline that can be relied on completing the findings of competitor analysis.
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