The article will discuss how to create a competitor profile for Clues-a company offering customer service through chat. Clues is competing with companies such as Zendesk and LivePerson, so I’ll describe what sets them apart from these other competitors who offer similar services
A recent survey found that 75% of consumers are willing to switch retailers in order to get better value for their money. With the rise of online shopping, understanding how shoppers view your competitors is key because it can help you figure out what kinds of innovations will be worth pursuing.The “competitors analysis example” is an example of how to create a competitor profile. This can be used as a guide for creating your own competitor profiles.
A small company owner must evaluate a variety of market variables while determining how to position a product in the market or creating the best go-to-market plan. The product’s main rivals will be one of the most important things to consider. Understanding them can help you define your specialty and determine how to provide greater value to your consumers.
Your product, like other B2C product categories these days, may have to compete in a crowded market. Consider your most recent trip to the supermarket… In the beverage aisle, how many different brands were there? Coca-Cola offers a range of about 3,500 beverages, including diet, regular, sparkling, still, fruit juice, fruit drinks, freshwater, sports and energy drinks, soy-based beverages, and so on. And that’s just one business!
Many product and service categories are saturated with competition, even if you operate in the B2B sector. In the United States, Manta, an online compiler and business data supplier, lists 3,265 businesses in the category of Wholesale Office Furniture and Equipment Dealers. There’s a lot of rivalry if you’re selling chairs and desks to businesses.
The lesson is to understand your competition environment both strategically and tactically before diving in. Making a profile for each of your main rivals is a smart place to start. Let’s go through the most important considerations.
Intelligence Sources A simple examination of your competitor’s web presence may provide a wealth of information. Examine their website, social media profiles, and, of course, do a Google search.
In the profile, you should provide an approximate estimate of the size of your rivals. Because data like sales volume is unlikely to be easily accessible, you’ll have to depend on your ability to guess how large or little they are based on bits of knowledge you’ve gathered throughout your time in the business. The quantity of workers, on the other hand, may be a bit simpler to come by.
Paying careful attention to competition may pay you in the dog-eat-dog world of contract manufacturing. A previous client of mine was curious in the operations of a competitor that serviced one of its clients. This client had requested that its providers look into offshore manufacturing. We gathered enough information about the competitors’ actions from basic Google searches to construct a timetable for their intentions to shift part of their manufacturing overseas.
Some of your customers may be useful sources of information. However, not everyone will be at ease in this scenario. In this situation, you may want to think about bringing in a third party. Make sure they’re just working on the most crucial intelligence for the profile.
Trade fairs are also an excellent place to learn more about your rivals’ actions, particularly when it comes to new product plans. Many businesses use trade fairs to introduce a new product to their target market.
Furthermore, during a trade fair, the majority of the participants in any particular sector may be seen. I had a customer who knew who their main rivals were but wanted to learn more about their secondary competitors. The customer wanted to know whether any of them were on the verge of becoming major rivals.
It is up to you to be aware of your competitive environment; however, competitive intelligence may be obtained from a variety of sources. Involve your employees, particularly those who are on the front lines, in the decision-making process. They’re in an excellent position to provide you feedback about your main rivals.
Strategy for Getting to Market
A study of what marketing tools your competitors employ to assist their company development activities should be included in your competitor profile. This research will guarantee that you don’t miss out on any chances to reach out to potential consumers. Consider the following:
• What tradeshows do they attend? • What publications do they advertise in? • Do they use press releases to make significant announcements? • How often do they post on Facebook and what kinds of material do they publish? • What distribution methods do they employ?
This should be done before making any long-term infrastructure choices on how your marketing and sales will be set up. After setting up most of their marketing department, a previous customer of mine conducted a study of the competitor’s go-to-market plan and discovered they needed to catch up on some areas of marketing, such as social media. They worked in a heavy metal sector where the majority of the participants thought social media was just for consumer brands. The research revealed that the reverse was true, and that manufacturers like them were heavily relying on social media to aid in their relationship-building efforts.
The paralysis of analysis
This is a pitfall I’ve seen many businesses fall into. It occurs when a business spends the majority of its time gathering and analyzing data rather than acting on it. Or, even worse, just placing the info in a file and never looking at it again! Make sure you only collect data that you can use and that it helps you make decisions. If a piece of data doesn’t help you make a choice, don’t spend your time with it.
Assessing intelligence by asking, “What are the consequences for us?” is an useful habit to develop. You must consider how the main results will impact your company.
Examining too many rivals is another way to slip into the Analysis Paralysis trap. While it’s important to examine indirect competition, don’t get too caught up in collecting data on a large number of rivals. After a time, the benefits will start to dwindle.
Many factors beyond your company’s walls may have an impact on your business choices, including the “other guys” who are vying for the same consumers you are. Based on the facts given to you, you must scan the competitive landscape, remain impartial, and evaluate your rivals’ strengths and shortcomings. Above all, you must answer the question, “How can my business or product provide greater value than the competition?” Your competitor’s profile will provide you with the necessary information.
Frequently Asked Questions
How do I create a competitor profile?
A: You can create your competitor profile by jumping into the game and clicking on Compete. It will automatically walk you through creating a profile.
What is the purpose of building a competitor profile?
A: The purpose of building a competitor profile is to see your competitive statistics.
How do you structure a competitor analysis?
A: A competitor analysis consists of multiple tasks including data collection, interviews with stakeholders and competitors, an in-depth SWOT analysis to understand the strengths, weaknesses, opportunities and threats from a specific companys perspective.
- profile of competitors
- competitive intelligence