Improving Your Competitive Analysis Strategies in 2023

We all have seen unbelievable changes in the dynamics of business and sales operations. As a result, many companies and businesses have a lack of vision in their competitive analysis strategies. 

Technology Is the Holy Grail of Today

The traditional marketing and selling techniques have long gone. They are not only vintage in competitive strategies but are expensive and time consuming to follow. Understanding and utilising the latest technological tools and digital platforms should be the first and foremost strategy to consider for your business to take flight in 2023.

Traditional marketing techniques such as promotional pamphlets and big para flexed billboards don’t have a cost-benefit equilibrium. Especially for anyone considering their ROAS. A few seconds of video on YouTube, Instagram, and Facebook may significantly impact sales within half the budget, and being able to see the direct correspondence between the platforms and your sales ensure you can achieve your set KPIs.

Being able to compare your own metrics to your competitors will also help you understand your own unique selling points and areas for improvement, helping you develop a more effective competitive strategy.

Challenges You May Face In 2023

The events from the past few years have proved to be a game-changer in almost every aspect of business life, and the impact on sales and marketing are no exception.

Challenges facing your sales and competitive analysis strategies in 2023 include:

  1. Data overload. With the proliferation of data sources, it can be difficult for companies to gather and analyse relevant information about their competitors. Sifting through large amounts of data to identify key insights can be time-consuming and resource-intensive.
  2. Changing market dynamics. In today’s fast-paced business environment, market conditions can change rapidly. This makes it challenging for companies to keep up with their competitors and adjust their strategies accordingly.
  3. Increasing competition. As more companies enter the market, the level of competition is likely to increase, making it more difficult for businesses to differentiate themselves from their rivals.
  4. Evolving customer preferences. Customer preferences are constantly evolving, and it can be challenging for companies to keep up with these changes. Understanding what customers want and how they make purchasing decisions is essential for competitive analysis.
  5. Limited resources. Companies may not have the resources (such as time, money, and personnel) needed to conduct in-depth competitive analysis. This can make it difficult to get a comprehensive understanding of the competitive landscape.

Key Information Executives Want to Know in a Competitive Analysis

Despite these challenges, it is still important for companies to regularly conduct competitive analysis to stay ahead of the curve. By leveraging the right tools and techniques, businesses can overcome these challenges and develop effective competitive analysis strategies.

Executives typically want to know a wide range of information as part of a competitive analysis, including:

  1. Market trends. Executives want to understand the overall direction of the market and how their company is positioned within it. This includes information on market size, growth rate, and key players.
  2. Competitor landscape. Executives want to know who their key competitors are, what they offer, and how they compare to the company in terms of market share, revenue, and profitability.
  3. Customer insights. Executives want to understand their customers’ needs, preferences, and purchasing habits. This includes information on customer demographics, purchasing behavior, and loyalty.
  4. Competitive differentiation. Executives want to know what sets the company apart from its competitors and how it can leverage these differences to gain a competitive advantage.
  5. Product/service offerings. Executives want to understand the company’s product or service offerings in detail, including their features, benefits, and pricing.

By gathering this information, executives can make informed decisions about how to position the company in the market, develop strategies to stay ahead of the competition, and drive business growth.

What’s next for 2023?

One thing is for sure, the digital era is not going anywhere. It will progress and the best way to get a competitive edge is to embrace this quick change and use the data available to you to your advantage .

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