Competitive analysis to investigate the products offered by the best rate competitors……
An efficient strategy for running a business is to carry out a competitive analysis, which comprises investigating the products and services offered by important competitors in addition to their consumer bases and marketing approaches. Undertaking a comprehensive competitive market study is one of the greatest methods to ensure success in today’s environment for doing business, and one of the finest ways to do so.
Alcohol Retailor Rise Pty Ltd seeks to understand its primary competitor’s customer profile in order to better understand the growing market segment its competitor is servicing.
AFFIXCON tracked identified individuals’ attendance at the competitors’ stores and identified customer segments not attending Rise stores.
Location -: Identify competitor store locations and Maid visitors over the last 12 months
Demographic -: Place category visitors Retails alcohol sales, pubs, and restaurant
App Use -: Alcohol delivery apps, beer wine/spirits rating, and alcohol sponsor sports.
Competitor Demographic Analysis -: Consumers aged 45 – 65 years | Male | Family | Living in own Home | Income in top 30% of Australian Profile.
Location visitation Analysis proceed using the above data attributes resulting brought identified 62K unique individuals’ attendance at the competitors’ stores and identified customer segments not attending Rise stores from the AFFIXCON Consumers Database.
Here are some ways in which analyzing the competition might help your company:
Consider your abilities and shortcomings.
By identifying your competitive advantages, you can tailor your marketing strategy to drive home those benefits to your target audience. Knowing your weaknesses allows you to focus on where you can make the most progress in terms of product, service, or after-sales to pull ahead of the competition.
Think like a customer in the market you’re trying to serve.
Many of your rivals are already well-known to you, but you might be surprised to learn about some of the newest players in the industry. One of the most important aspects of winning against your main competitors (and any potential new ones) is recognizing their unique selling points.
Analyze the movements of your industry.
What distinct advantages do your rivals now have thanks to their new or enhanced product, service, or feature? What tendencies have they noticed that you haven’t noticed yet? You can determine if you should go head-to-head with your competitors or join forces with them by observing their actions and behaviors in the market.
Make preparations for your company’s future success.
Want to go up from being the fourth-largest company in your field to the third? How much more you need to sell, who you need to sell to, and where your business has talent shortages can all be determined with data from competitive analysis.
What is LVA?
Location visitation attribution (LVA) measures the effectiveness of advertising campaigns in driving visits to specific brick-and-mortar locations, otherwise referred to as Points of Interest (POI). LVA works by considering the effect a campaign has on consumers with selected demographics, specific needs, or spending habits and analyzing consumers visiting for the selected location/s.
Location Visitation Attribution Benefits
- More effective ad spend: An LVA report can help you identify ad campaigns that aren’t driving visits, so you can either reduce or reallocate your advertising budget accordingly.
- Competitor analysis: How do you know if your advertising initiatives successfully differentiate you from the competition? An LVA study that compares data between your customers and your competitors’ customers can help you measure how well your ads influence your competitors’ audience.
- Reveal customer demographics and behavior: Learn who sees and interacts with your ads and insights about POI visitation history.
AFFIXCON has developed proven techniques to retrieve results on the above-mentioned audience insight identification concepts. We are looking forward to collaborating with you as channel partners to share our techniques with the community. Are you interested in learning more about how we can more efficiently identify your client’s audience insights?