Competitor analysis is a critical part of your company’s marketing plan. It provides both an offensive and defensive strategic context to identify strengths, weaknesses, opportunities and threats. It is argued that most companies do not conduct competitor analysis systematically enough, relying on informal impressions and intuition, and therefore putting themselves at risk of being outdone by competitors.
- Points-of-sale monitoring – Sometimes it’s enough just take a look on the store shelf with your product and find similar products.
- Internet search – Try to determine, to what sites the user gets, when looking for certain items.
- Customer survey – Ask customers what brands, within the targeted market, they know; how do they choose between different brands; which brands they buy more often.