Introduction into competition analysis

As part of your marketing plan for your door, mirror, tiling company, it is important to look at your competition.  This is helpful on two fronts.  First, it can help you understand what you are up against because they are your competition after all.  Second, it can give you ideas on areas you are lacking and areas where you have an advantage.  However, it is important not to just copy your competition because you will then just look the same.

How to do competition analysis

The first step to do a competition analysis is to make a list of your competition.  This should be straightforward since either you already know your competition, or you found some competitors during your industry and marketing research.

The next step is to perform a basic analysis.  This starts with a summary of their business.  You can find this information on their website or other business profiles.  Next, you should try to identify their target customers.  You can find this information on their website or social media accounts.  Finally, as part of this basic analysis is to record their pricing.

If you want to go deeper with your analysis, here are some other areas to identify.  First try to reverse-engineer their marketing strategy.  You can do this by looking at their marketing materials.  Next, try to identify their competitive advantage in their marketing.  Finally, you can use the SWOT method to identify their strengths and weaknesses.

Summary about competition analysis

A competition analysis is an important part of your marketing plan because it helps you to understand your competition.  The analysis has a number of steps that will give you in the end a good understanding on the marketing strategy of your competition for your door, mirror, tiling company.

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