In today’s hyper-competitive market, you are not given a choice to be competitive, but it’s a necessity. You have to analyse your rivals to withstand the market pressure thoroughly. There must be a few questions in your mind, like who are your rivals, what are they currently doing and what impact their activities in the market have on you. Suppose you want to get an answer to all the mentioned above queries. In that case, you must follow well-rounded competitor analysis and industry research practices in place with the help of a prominent web development company. You need to strategically analyse your rivals through executing a foolproof plan and gain knowledge about their work, costs and value provided to the customers, among other things. All these points will enable you to be one step ahead of your nearest rival. However, it would be best to look at the tips mentioned below before commencing your strategy, visiting their portal or checking their social media platforms. These points will help you in conducting thorough research.

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Locate your Rivals

The first tip is to locate and determine the organisation you are competing with. You can ensure that the information you get to compare yours is appropriate by identifying your rivals. You may categorise your rivals as your direct and indirect competition. The direct ones are those organisations that function in your geographic area and deal in items that are similar to your offerings. By contrast, the indirect rivals currently do not deal in a similar offering but help in solving the same problem resolved by your product.

It would be best to focus only on direct competitors for your brand. However, do not ignore the indirect ones and check their progress, as they can quickly join the direct category whenever they want. For instance, if you are running competitor analysis for your sportswear clothing line, your direct rival is another firm offering sportswear items. But, you can’t entirely underestimate a company currently dealing in office wear and formal fabrics, as they may soon shift to sell sportswear like your establishment. Therefore, you have to keep a close watch on your direct rivals and locate any shifts by frequently running your analysis of other companies. You can take the help of Coweso – the leading web development company in Brisbane.

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Check Out the Services Offered by your Competitor

Another crucial tip is to thoroughly look at the items and services provided by your rivals. Always ensure studying their complete range of items and offered services. In addition, please check out the material and quality of the products and attributes they offer. You may also want to note the product cost and deals & discounts they provide. It would also help analyse them with specific parameters, such as their pricing strategy, brand positioning, and sourcing. Furthermore, it would be better to discover their item description, market share, product distribution strategy and any plans for differentiation they follow.

Find Out their Sales Tactic

The next important point is to conduct a comprehensive analysis of your fellow organisation’s sales plan with the assistance of a competent web development company in Sydney like Coweso. This step would require clear answers to specific queries, such as:

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• The sales procedure of other organisations.
• List of platforms used by them.
• The number of places where they are present.
• Their reselling process through stakeholders.
• Their plans of expanding to a regional level.
• Customer feedback on their offerings and attributes.
• Their accumulated profit and sales figure.
• Quality of their sales team.

When you resolve the queries mentioned above, it will help you gauge your competitor’s sales tactics deeply. Once you get such crucial details, you can make tweaks to your sales plan by adequately preparing your marketing team. The main point of contention is the source from which you will get such information. You can follow the below points to have clarity.

• You can receive annual reports for publicly held organisations.
• You have to do some independent work for privately held firms. You may request your marketing and distribution team to garner details from every link about the items used by them and the reason for their shifting. You can determine your competition and its weaknesses by following this method.
• You can instruct your marketing and distribution team to use a form or a personal sales pitch to collect this information. You should also ask the reason for the loss to your group, inquire about the causes of failure, and collect data to support the argument.

The above procedures will give you essential insights into what customers find relevant about your offering and where you fall short compared to your rivals. You can consult leading website development companies for better clarity.

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Find About the Employed Pricing Tactic

Comprehensively following the price of the competitor’s products to get a better idea of pricing your offerings is another crucial factor for consideration. Suppose you provide your customers with superior quality or feature-rich products compared to your competitors. In that case, it is acceptable to charge a premium amount for the service. Always ensure that your sales personnel can enumerate the reasons for your high cost. However, you can also fix a lower price than your rivals by keeping your product in an affordable range if you wish to explore a particular market segment. Again, you have to instruct your sales team to adequately explain why you are better than your competitor apart from the low pricing factor.

Moreover, it would be best to check out any deals or offers provided by other companies. For example, check whether your competitor offers a limited period free trial or provides any reward points. It would help if you also considered perks depending on your business area. Apart from various other components that determine your costs, a competitor’s pricing strategy is a critical element that you cannot ignore. You can go ahead in developing the pricing strategy in collaboration with Coweso – the foremost web development company in Australia.

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Find Out About the Shipping Expenses

If free shipping is a crucial element in your business, such as the eCommerce sector, it is necessary to find out your competitor’s shipping price and approach. As shipping expenses constitute a significant piece of the overall outlay, you need to evaluate the methods of reducing your shipping cost to offer your product at a customer-friendly price. Suppose you can’t afford a luxury like free shipping. In that case, you need to think about the other benefits you can provide to be an attractive proposition for your customers, such as holiday discounts, loyalty points, etc.

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