An e-commerce specialist, Shaliza Somani works with Paramount Commerce in Toronto. As a part of the new business development team, Shaliza Somani assists the business with providing market and competitor analysis.
In an era when developing a brand depends on up-to-date information, market and competitor analysis can provide businesses with the guidance needed to give them direction. Market and competitor analysis involves evaluating a competitor's weaknesses and strengths. All of these comparisons are made with the business performing the analysis. When finished with the analysis, the business has a better idea of the market. In completing this type of analysis, businesses have to first determine who their competitors are. Businesses typically have three types of competitors. Direct competitors are those that have similar products or services in a similar location. Indirect competitors might be offering similar services and products, but they also provide other needs. Finally, tertiary competitors offer consumers a slightly similar product that does not quite compete. Information regarding these customers can also be found in several places including social media, search engine ads, content tools, and trade publications, among other places. The actual analysis begins with reviewing company statistics. Factors to consider include revenue, number of clients, offices, and locations, and employees, products and services, and other information on notable employees. The research also involves looking at where they exist (online or geographical location) and important history about the company. More importantly, the research involves looking at financial reports. These reports are important because they provide a host of information, for example, information about revenue and profits.
0 Comments
|
AuthorShaliza Somani - Experienced Business Development Specialist. ArchivesCategories |