Competitor analysis mainly includes the following contents.
(1) Competitor names: not only existing competitors, but also competitors that may enter the market next year.
(2) Product overview of each competitor: including origin, quality, distribution, manufacturing, sales model, promotion strategy and customer service, etc.
(3) Competitor strengths and weaknesses: list the strengths and weaknesses from the customer’s perspective, and describe how you can turn the competitor’s weaknesses into your own strengths, and how to deal with the opponent’s strengths.
(4) Competitor strategies and goals: this information may be easy to find in the annual report, but it may also need to be analyzed from different information sources.
(5) Market opportunities: whether the market is expanding and whether there are enough customers to satisfy all competitors.
The main ways to collect competitor information are as follows.
(1) Internet: The Internet is a powerful tool for collecting various types of information.
(2) The opponent’s advertising: analyze the opponent’s advertising, analyze its target audience, market positioning, product features, preferential measures and prices, etc.
(3) Trade fair presentations: Observe the other party’s presentations from the customer’s perspective. How do they describe their company? Analyze their target market and customers based on the trade fairs or industry conferences they attend.