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

Indirect competitors target the same market or customer segment, but offer a different product or service. Select a focus area Identify focus areas such as product range, pricing or other variables to niche your research down and concentrate on the most relevant things to analyze. What do people think about each brand and product?

SWOT 108
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. If they have multiple personas, keep in mind their messaging may differ for each segment.

Analysis 156
article thumbnail

Does Your Growth Strategy Need an Intervention?

Vision Edge Marketing

It often involves tactics like price adjustments, loyalty programs, and improving customer service. Market Development : Entering new markets or reaching new customer segments. SWOT and Competitive Analysis : Reevaluate your business’s strengths, weaknesses, opportunities, and threats.

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. For instance, you might spot some niche market segments your competitors might be neglecting, like a different age group or interest. Or, you might find their customers are asking for a new feature.

SWOT 94
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

How to Create a Marketing Plan

Sharpspring

If your target audience comprises several distinct segments, you can create a unique persona for each one. Look for gaps you can fill or audience segments/marketing channels where you can gain an advantage. SWOT Analysis. Your SWOT analysis is an honest look at your business’s strengths, weaknesses, opportunities, and threats.

Planning 100