How to use competitor analysis in marketing?

How to use competitor analysis in marketing

Competitive analysis is a process in which information about competitors in the market, their products, advertising campaigns, prices, etc. is studied. The purpose of this analysis is to obtain data that will help the company improve its strategy and products, as well as develop marketing campaigns that will be more effective than competitors.

How to Use Market Analysis

Market Analysis can use various methods, such as:

  • study of websites and social networks of competitors;
  • analysis of prices and products of competitors;
  • study of advertising campaigns and strategies of competitors;
  • study of customer reviews and opinions about competitors;
  • surveys and focus groups to obtain information about the preferences and expectations of customers.

Once the data has been collected, it can be used to compare against your own company data and determine the strengths and weaknesses of your competitors. This will help the company develop a strategy that will differentiate from competitors’ strategies and attract more customers.

It is critical to note that the marketing analysis of the market and competitors must be carried out regularly, as the market and the situation on it change. Periodic market research will help the company to keep abreast of the latest trends and changes in the market.

What is more, do not forget that the market and competitor analysis is not only the identification of their strengths and weaknesses but also the study of their successes. This can help the company find new ideas and ways to develop its own business. In general, market and competitor analysis is an essential tool for any company that is eager to successfully compete in the market and achieve its goals.

Market Analysis with YC. market

The YC.Market system developed by YouControl specialists is a modern and efficient tool with great capabilities that will allow one to conduct market research, namely to assess the market position, find new business partners, and conduct business safely and transparently.

The YC.Market system allows one to receive a ready-made and structured report on the position of any company and its activity within one minute. A convenient search system allows one to assess the situation, both in individual regions and throughout the country. It is possible to obtain information on specific companies of interest to you. It is very convenient to track all changes using the automatic monitoring function when the system will send ready-made reports to your email box daily.

The YC.Market database includes data about 7 million Ukrainian companies as well as 6 million British companies. In the near future, the database will be supplemented with information about the rest of the European business. Searching for information is possible according to 28 various criteria, and it will take no more than 1 minute to form a finished dossier. Thanks to this, you can save a lot of time by getting all the data you need to conduct a comprehensive market analysis from one resource.