What methods can be used to analyze competitors?
SWOT analysis
The first method. One of the most common and informative analysis methods is SWOT analysis.
SWOT analysis stands for Strengths , Weaknesses , Opportunities , and Threats . The sequential examination of these factors is what constitutes the analysis.
The first 2 factors (strengths and weaknesses)
depend on your business and its telegram data product, that is, these are the factors that you can influence. The other 2 factors (threats and opportunities) depend on the external environment that the company cannot influence and to which it will have to adapt. Therefore, it is very important for a company to guess in advance what opportunities and threats await it in the future in order not to lose and improve its position in the market.
Company employees often tend to overestimate their product or company and underestimate the products of competitors. Therefore, to maintain objectivity when conducting a SWOT analysis, it is better to invite an independent expert or involve a marketing agency. If it is not possible to involve external experts, try to conduct a survey among your existing customers to determine the advantages and disadvantages of your products. Also, evaluate what is written in reviews about your product and company. This information may differ greatly from what you consider to be your advantages. Reviews often affect the reputation of the company and the level of trust, so we recommend that you carefully monitor all mentions on the network. For companies that need to improve their reputation, we have developed a special service ” Reputation Management “.
Typically, each of the four components of a SWOT analysis contains from 3 to 10 theses with a transcript.
Let’s take a closer look at each of the 4 components using the example of an IT Outsourcing company specializing in mobile application development. To conduct a SWOT analysis, you need to answer the following questions:
1) Strengths
- Why do customers choose us?
- What is the most frequently remarketing in google ads mentioned advantage in company reviews?
- What advantages do we have over our competitors in technology, personnel, and business model?
Example
- We have strong expertise in Native iOS & Android development.
- We have extensive experience in developing cross-platform applications.
- We work with modern and popular technologies (Swift, Kotlin, Flutter)
- We have successful cases of project implementation for the Digital health and mHealth niches.
2) Weaknesses
- Why do potential clients refuse our services?
- What are the most frequently mentioned disadvantages in reviews about the company?
- What shortcomings do you have in your work methodology, technology, staff, and business model?
Example
- Relatively high ratings compared to developers from India.
- We do not work with React Native.
- We do not develop the back-end part.
- We do not provide additional services, such as mobile app marketing.
3) Opportunities
- How can the situation in the country affect the company?
- What are the new trends in the market?
- Have new players appeared in this market?
- How is the situation on the human resources market?
Example
- Competition in the global market cmo email list has intensified, and accordingly marketing costs have doubled.
- After several large outsourcing companies left the market, more Senior/Middle level specialists became available.
- The average salary of Senior/Middle level specialists decreased by 15%.
4) Threats
- How can the situation in the country affect the development of the company?
- What laws (e.g., tax changes) might be enacted and how might they affect the business?
- Could new strong competitors emerge?
- New technologies that could compete (e.g. AI)?
Example
- Due to martial law in the country, specialists may be drafted into the army.
- Foreign competitors may be more active in the global market.
- Artificial intelligence will significantly change the market.
- Then, similarly, we select data for 3-4 direct competitors and make a comparison.
