What is a B2B market competitor analysis?

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Without a doubt, for companies to achieve notable success within a highly competitive market and obtain greater economic income, they must consider developing a business plan or adopting a new powerful marketing strategy. However, all decisions related to business strategies and tactics that they intend to implement must be based on the way the competition acts. Therefore, today we will talk about the importance of carrying out a competition analysis in such a competitive B2B market.

What is a competitor analysis?
A competitive analysis is a market study that analyses the business situation of a competing company within a business model or competitive market, in order to compare its position with that of its competitors . This analysis allows the analysis of the strategies, strengths and weaknesses of those companies that work in the same market sector, that is, what is also known as a SWOT analysis. This will allow the development of differentiated strategies that can offer the company a privileged position, as it is an essential process in market research for any organization.

In fact, competitive analysis also makes it possible to verify the viability of a new business project, as it can reveal market saturation due to the enormous number of competing offers on the market , or even the presence of a monopoly.

How to research your competition
Before launching a new product or service on the market, it is essential to bahamas whatsapp data carry out a competitor analysis , because as we have previously mentioned, it allows you to understand the strengths and weaknesses of the competition compared to those of your company, and thus find a gap in the market.

Thus, to carry out this study in the best possible way, it is necessary to establish an analysis plan with the following strategic steps:

Identifying main competitors: the priority of any company is to know which companies work in the same market sector, or which offer the same service or product.
Comparison of the offer and its content: once you know who your direct or main competitors are, you have to check their offer, see what added value they provide, what the differences are with your proposal, and whether the content of these companies is aimed at the same public as your company or is more similar than you imagined. At the same time, knowing a price range based on which products or services, and the way in which they are presented and will subsequently be developed, will provide very valuable information within the study of the competition .
Researching new tools: The second round of evaluation involves using different digital tools that allow you to identify more specific elements such as the reach of your content or the interaction with your corresponding clients, etc. In this way, your company will better understand the qualities of its competition, and will be able to know where to take advantage.
Studying the digital strategy: investigating this facilitates the evaluation and comparison of the places occupied by the competition within a search engine ranking, and which terms or concepts they invest the most in, therefore, we will understand them as having the highest priority for them.
Generate a new market strategy: By collecting all the data on your competitors through a global comparison, you can define a definitive strategy that will be used to improve performance and reinforce the distinctive elements of your business.
Infographic on how I conduct a competitor study
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Advantages of a competitor analysis
In general, a comparative analysis with the competition facilitates the improvement of a company's sales strategy. However, it does not only provide that one economic benefit, but also provides a series of closely related advantages:

Improved general understanding of the company and the market.
Renewal/update of business tactics .
Inquiry into the level of interaction and commitment with customers .
Learning to gain market share .
Acquisition of differentiating values ​​with respect to the competition.
Occupation of under-exploited market segments.