Remove Differentiation Remove Pricing Remove Segmentation Remove SWOT
article thumbnail

How to build a competitive analysis report with examples and tools

Sprout Social

Your company is launching a new product, eyeing a new market segment or contemplating a strategic pivot—as a seasoned marketer, your first move would be to conduct a competitive analysis. Deep dive into particular customer segments with detailed customer profiles that will guide your marketing decisions later on.

article thumbnail

Competitor mapping: The benefits and how to create your own

Sprout Social

This type of analysis can help you discover how your brand can differentiate itself through marketing. Indirect competitors target the same market or customer segment, but offer a different product or service. For example, if your brand is launching a new product, one focus area could be price.

SWOT 109
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

How to conduct an effective competitive analysis in 7 steps

Tomorrow People

Most companies try to expand via market penetration—by finding new ways to make their current offering more appealing to their current segments. For example, they might be lowering their prices to incentivise more sales. This will help you decide how your organisation wants to differentiate themselves from them later on.

Analysis 156
article thumbnail

Does Your Growth Strategy Need an Intervention?

Vision Edge Marketing

The ability to adapt , differentiate , and stay ahead of the competition is often rooted in the feedback and suggestions of the customers. It often involves tactics like price adjustments, loyalty programs, and improving customer service. Market Development : Entering new markets or reaching new customer segments.

article thumbnail

Using Your Competitors’ Knowledge to Build Your Business

The Lead Agency

By understanding exactly who your competitors are, and what they are offering, you are best positioned to set your prices competitively and to market your products and services in a way that stands out. Utilising online tools such as Google Trends , SEMrush , or SimilarWeb aids in identifying digital competitors and their online presence.

article thumbnail

Competitive monitoring: tracking the competition to stay ahead

Sprout Social

This includes keeping tabs on your competitors’ social media activity, pricing changes, marketing campaigns, product launches and more. By keeping an eye on your competitors’ activities, you can learn from their wins and losses, develop foolproof strategies, better position your products and differentiate your brand.

SWOT 96
article thumbnail

How to Develop an Outstanding Business Development Plan

Stevens & Tate

Through a comprehensive analysis, you can identify your business’s strengths, weaknesses, opportunities, and threats (SWOT analysis) and capitalize on your advantages while mitigating risks. It assists in identifying target markets, shaping marketing strategies , and determining pricing and positioning approaches.