The specialists in marketing stress the importance of studying marketing competition and its necessity among commercial companies and business owners in light of the expansion of the market and the multiplicity of companies that provide similar services and products.

Therefore, it is necessary to know the competitor and conduct a careful analysis of his / her work and commercial activity as a basic step for starting and continuing any commercial project to obtain the largest market share among competing commercial projects, as it is one of the necessary factors for building a strategy that ensures the continuity of commercial projects and companies alike.

In this article, we will learn about the basic steps for analyzing the performance of competitors for your business.

The most important steps to analyze competitors` performance

When analyzing competitors' performance, several important steps must be followed and taken into consideration to reach accurate results that help avoid weaknesses and enable competition, which are:

Identifying competitors in the market to analyze their performance: The business owner and emerging and large companies should identify their competitors in their field of work and specialization, the companies that dominate the market at the present time, and who are the secondary and indirect competitors who target the same audience, monitor potential competitors and prepare to compete with them. Trade fairs, advertisements, and local business directories enable you to reach them, in addition to searching online for products similar to your services that helps you reach competitors.

Determining the way competitors work to analyze their performance: It is one of the most important steps to analyze competitors’ performance accurately, because it necessitates defining the goals that competitors seek to achieve in the short and long term in order to anticipate what they want to do.

This way allows to know the prices they set, and the tools used to enhance customer loyalty, and the quality of the products and services they provide, by reviewing their websites, their media and advertising activities, and their platforms on social networking sites.

Determining the strengths and weaknesses of competitors to analyze their performance: This is done through the most important reasons why customers deal with competing companies and business owners, and their opinion of the services and products that they provide to them.

Where the hidden customer method can be followed to collect information about competitors to determine their strengths and weaknesses. As number of marketing companies follow this method by training a number of their marketing researchers on this method to collect data left behind by competing companies.

Identifying opportunities and threats to analyze the performance of competitors: It depends on the strengths and weaknesses of each competing company or business project. This step is essential for analyzing the performance of competitors to face difficulties, their preparedness for factors outside their control, and their adaptation to the new conditions of the markets.

It represents the opportunities and risks that they are exposed to. It is often in the form of technological developments, regulatory or legal measures, economic factors, or new competitors.

Analyzing competitors’ websites is necessary to analyze their performance: Analyzing the websites of companies and business owners is an effective tool to know how they communicate with customers and their target audience, through the type of content displayed on the site, the way it is formulated, the frequency of users, and the compatibility of sites with various technological devices, and other information that enables you to know the strengths of competitors’ sites, and how you apply those points to your website.

Identifying the keywords that competitors use to analyze their performance: It is necessary to conduct research on the keywords that competitors rely on in their advertising campaigns and the articles that customers search for in various search engines, and learn about the strategies used to increase access to their sites and the number of clicks, as they are one of the effective methods and to determine the keywords that are appropriate for your business and searched by your audience, which helps you build marketing content for the site.

It is also necessary to use keywords when conducting advertising campaigns and building a successful marketing strategy in order to achieve more clicks and visits to the site, which in turn leads to increased sales.

Monitoring the performance of competitors on social media: It is one of the most important things that business owners and companies must do when analyzing the performance of their competitors, as it is possible to know the rate of their participation in social media and the type of participation, i.e. video, pictures, or articles, as well as to discover their interaction with the public and determine which social sites have a large number of potential customers for them, such as Facebook, X (Twitter), Instagram, and others.

Analyzing the performance of competitors via email: You can register for the newsletter that competitors provide to their customers so that you can analyze their performance and marketing via email. It provides you good information about the frequency of messages, the importance of the content, and the presented offers.

Build relationships with competitors: Despite the intense competition with the owners of commercial projects and companies, this does not prevent us from building friendships with them, which is useful in getting to know each other and providing some information that may not be obtained.

We often find them at exhibitions and conferences, and there may be an opportunity to form a partnership with a competitor to provide specific services in light of the large markets.

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It is necessary to know the competitor and conduct a careful analysis of his / her work and commercial activity as a basic step for starting and continuing any commercial project to obtain the largest market share among the projects.