How to Analyze Your Competitors
Analyzing the competitors' behavior is an important part of the marketing plan. After identifying types of customers and their needs, you need to identify the competitors' performance.
Make a list of your competitors. Don't underestimate them; take all of them seriously. Categorize and rate them based on their importance, but don't overlook any. While researching their strategies, first get familiar with their marketing methods and make a list of these methods. Then identify their customers and ask: what are the competitor's marketing methods? Who are the competitor's customers? Which needs of those customers does your competitor meet? What services does the competitor provide? What peripheral activities do they do? What competitive advantages does the competitor have in the market?
If your services fit the customer's needs, figure out why that customer did not collaborate with you. More importantly, if the customer used to work with you and now works with another company, you need to find out exactly why it happened. Was it because of lower prices, better services, or other reasons? Identifying these reasons comes in handy in writing the marketing plan.
Customer analysis and competitor analysis both result in a detailed report on the market status. Update the competitor analysis constantly, add new customers and new marketing methods, and send new information to the management department as quickly as possible so the market development team can update the business plan and the marketing plan.