Market Quotient Offers 6 Steps Ladder for Businesses to Create a Competitive Landscape Analysis

The team of Market Quotient shares their view on how to create a proactive competitive landscape analysis.
 
JERSEY CITY, N.J. - Sept. 19, 2021 - PRLog -- According to the founder of Market Quotient, a competitive landscape study is a proactive approach to determining how you compete with your peers in your business.

You can gain ground on your competition by using your company's strengths rather than taking a strictly reactive approach. It takes time and effort to accomplish it correctly, but the rewards can be substantial.

They have shared their step-by-step process through which your business can create an edge through competitive landscape analysis.

Make A Plan:

If your data isn't organized or structured, it won't give many insights. The first step is to design a tool to help you arrange your data. Create an editable spreadsheet or matrix that you can sort, share, and update.

Determine Who Your Competitors Are:

Who are your main rivals? And how should they be classified? You probably know the answer to the first question off the top of your head, but don't limit your research to the most obvious competitors.

Monitor Their Social Media:

Due to the vastness of social media, its listening tools can be extremely useful. They can make sure you're paying attention to the proper hashtags, keywords, and relevant conversations.

Examine Their Marketing Plan & Offers:

You'll be able to see the overall picture of your competitors' marketing approach once you've been watching and listening in all the correct locations through competitive landscape analysis.(https://www.marketquotient.com/competitive-intelligence/)

Determine Where They Will Be Placed:

Companies with a good marketing and communications strategy understand how important it is to carve out a distinct niche in the market. They do it by figuring out how to set themselves out from the competition. When examining your competitors' messaging, search for themes and ideas that serve as differentiators.

Make Use of Frameworks:

Use frameworks such as the SWOT analysis and the PEST analysis. A competitive landscape analysis process does not require you to invent a structure. You can leverage current, tried-and-true frameworks like SWOT and PEST. (https://www.marketquotient.com/)

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Tags:Competitive Analysis
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