Competitor analysis
A competitor analysis is a systematic examination of the strengths and weaknesses of a company's competitors in order to gain insights for the company's own strategic orientation.
Conducting a competitor analysis usually involves identifying the most important competitors, analysing their products and services, their marketing and sales strategies, and their strengths and weaknesses.
First, you should make a list of competitors who are active in your market segment. Then you should analyse the different aspects of their business, such as their product range, pricing, the quality of their products or services, their target groups, their marketing strategies, their distribution channels and their customer loyalty.
A competitor analysis can be conducted in a variety of ways, such as online research, customer surveys, mystery shopping or direct interactions with competitors. It is important that the information is as comprehensive and reliable as possible in order to achieve meaningful results.
The results of the competitor analysis can help to identify one's own strengths and weaknesses in comparison to the competition and draw conclusions for one's own strategic orientation.
When carrying out a competitor analysis in the field of advertising, you should pay particular attention to the following points:
- Advertising strategies: Analyse your competitors' advertising strategies and find out what channels they use (e.g. TV, print media, online marketing), what messages they convey and how often they advertise.
- Advertising budget: Assess the advertising budget of your competitors and compare it to your own budget. This can help you understand how much you need to invest to compete.
- Target groups: Analyse the target groups that your competitors are addressing. Find out what characteristics these target groups have and how you can better address your own target groups.
- Creativity: Pay attention to the creativity and originality of your competitors' advertising. Think about how you can make your own advertising more innovative and appealing.
- Results: Track the results of your competitors' advertising campaigns and analyse how successful they have been. Use these insights to optimise your own advertising strategy.
The results of your analysis can help you optimise your own promotional activities and improve your competitive position. However, it is important not to look at the competitor analysis as the sole decision criterion, but also to consider other factors such as your own resources and goals.