9 Steps To Do Competitive Audits For Your Product
Why do competitive audits for your product?
Competitive auditing has a primary place in every business. You get to analyze what your competitors are doing, how you can improvise and where you need to focus. Competitor audit has been the most used method to know about the mindset of the customer amidst more competitors in every industry. If your competitors have been doing a fabulous job in social media, you should not restrict yourself from making your dent over that space. If you are planning to conduct competitor audit, it can happen through 9 stages:
Find your competitors
Who are those opponents for whom you could consider taking a bullet to win your customers back? Are they a part of the industry since times unknown? Or, are they those Cain & Abel kind of second-generation people? Make sure that you know who your competitors are. You need to segregate them into different categories to understand them.
Check their customer experience
Your customer should be your primary target. If you and your competitor share the same target audience, then you should know what your customers are looking at. You should know their mindset before making any key decision.
Categorize your competitors
You might be having a number of competitors but do you know who they are and how they are related to your business? You can categorize your competitors as primary, secondary and tertiary. Your competitors would belong to these stages when you have to consider categorizing them. Your primary competitors would be your direct competitors who are selling the same products as yours. Your secondary competitors would be your external competitors who are capable of selling almost similar services of your business. Tertiary competitors would again be those external competitors who are totally indirect threats to your business.
Identify competitor’s market positioning
Against whom are they competing? What are they trying to achieve in the market? Where would they like to see them in the upcoming period? What is their team size? You get to learn about all these through market positioning.
Identify their pricing model
Do they offer discounts? How are they selling their products? You should know more about their pricing model before you set forth on anything else.
Check competitor’s website
Your competitor’s website would let you know a variety of information that you ought to know. You can take a look at everything from their landing page to the blogs. You can understand more regarding who their target customers are, what they are selling and gather much more data and information.
Find about their funding
What is their main funding source? Who are their investors? Understand about how they get their funds to predict what would be their next move in the market.
Stay updated through Google Alerts
Google Alerts can offer you a lot of information on your competitors. You get to understand what they have been doing and what they are yet to do. You learn more about their recent activities too. So what’s more? Turn on those Google Alerts!
Check out their reviews on various platforms
Your customers would be able to relate to your product much better when you understand their perception. If you can check their Google reviews, you can come across a number of reviews on their products and services. You would get to know about what their target customers feel about their product.
To sustain for a long period in the market, you need to understand your competitor. Conducting a proper competitor audit would be the best starting point of your journey.
Got to conduct your competitor audit? Pattem Digital would be the best place to start. We take care of everything from documentation to maintenance. Feel free to let us know your requirements.
