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Staying Ahead of the Game: Act Global’s Expert Tips for Conducting Effective Competitor Analysis
Do you need help to keep up with your competitors in the marketing game? Are your marketing strategies falling short compared to your rivals? Well, you’re not alone! Staying ahead of the competition can be challenging in the fast-paced business world. But fear not, because, on the 25th of February 2023, Act Global held a virtual learning program on “marketing competitor analysis” with the digital marketing expert and entrepreneur Ni Nyoman Pudak Sari. In this blog, we’ll be delving into the world of marketing competitor analysis and discussing the key takeaways from the program. So, whether you’re a seasoned marketer or just starting, keep reading to discover how to stay ahead of the game and beat your competitors at their own game.
A competitive analysis allows us to understand where we are as a brand and how our competitors work. According to Pudak Sari, the first step in conducting a practical competitor analysis is to identify who we are and who our competitors are. Next, we need to list our brand and competitors’ key attributes. Once we have this information, we can create a perceptual map to identify the criteria and rank these attributes as high or low.
So how do we do it? There are many tools for analyzing competitors, but we need to know our competitors, such as Google Trends. In the program, Pudak gave us examples of three fast-food chains in Indonesia: KFC, Subway, and Burger King. She reviewed the brand and attributes of each and their large audience demographics based on the search queries. For KFC, the brand has a large audience in Papua, Aceh, North Sulawesi, and North Kalimantan with search queries such as V Buzz Float KFC, Yakiniku Don KFC, Bucket KFC, Today KFC Promo. On the other hand, Subway has a large audience in Central Jakarta, Banten, West Java, and East Java with search queries such as Subway bread, roast beef, Subway menu, and Subway price. Lastly, Burger King has a large audience in Jakarta, Yogyakarta, Bali, South Sulawesi, and Banten with search queries such as Burger King’s birthday package, promo Burger King, and coupon Burger King.
She also teaches us to create a perceptual map. We must label each circle with the brands we are comparing. Then, we drag each circle into the grid, estimating where they rank based on Criteria A (Location) and Criteria B (Keyword). By doing this, we can visually see how each brand ranks against each other and where we stand in comparison. But the competitive analysis continues beyond there. Pudak also emphasized the importance of monitoring and tracking our competitors. This means keeping up with their strategies, promotions, and customer feedback. By doing so, we can learn from our competitors’ successes and mistakes and make informed decisions about our own marketing strategies.
In conclusion, conducting an effective competitor analysis is crucial in staying ahead of the game in the fast-paced business world. By identifying who we are and who our competitors are, listing key attributes, and creating a perceptual map, we can visually see how we rank against our competitors. And by monitoring and tracking our competitors, we can continue to learn and improve our marketing strategies.
At the end of Act Global’s Belajar+ on marketing competitor analysis, attendees left with a newfound understanding of the importance of staying ahead of the competition. They learned how to identify key attributes and create a perceptual map to rank their brand against competitors. With the knowledge and skills gained from the program, attendees are well-equipped to conduct effective competitor analysis and make informed decisions to stay ahead of the game. And attendees also had the opportunity to ask questions and discuss various aspects of competitive analysis. So, are you ready to stay ahead of the competition and take your business to the next level? Start analyzing your competitors today!
Written by: Kendrick
