Competitor analysis is not simply defined by the ability and cognition of who the competitors are There are several dimensions to competitor analysis, which is why we at Digimaverix go through the competition analysis so that you get a holistic insight. Here are the core components we analyze:

1. Identifying Competitors: The first thing in the analysis of your competitors is to distinguish between direct and indirect competitors. Direct competitors deal in similar products as you do, while indirect competitors operate in the same industry or market but offer different products or services to different clients.
2. Data Collection: Some of the information is collected directly from the company sources, including financial statements, while others are sourced from outside sources like market surveys and the websites of competitors, social media activities, and customer feedback. In this data, we gain a proper understanding of competitor activity plans, capabilities, and weaknesses.
3. SWOT Analysis: SWOT analysis of each competitor helps identify strengths and threats of the competitor within the organization and opportunities and threats outside the organization. This makes it easier to establish fields where your business can excel or pull a margin over the rest.
4. Product and Service Evaluation: The plan provides a competitive benchmark, which reveals differences between your products and services and those of your rivals. This is especially the case if you strive to develop and maintain a competitive value proposition.
5. Pricing Strategy: Knowing how competitors price products or services enhances their positioning In terms of premium pricing, the use of discounts, or more value pricing.
6. Marketing and Sales Strategies: In this case, we focus on deciphering the kind of messaging your competitors are using, the channels they have selected, and the sort of tactics that they use in the marketing process to check on the opportunities and threats that prevail in the promotion process. This enables a great deal of refinement of original goals and of how the strategies can be implemented to address the targeted population.
7. Customer Base and Loyalty: Understanding competitors enables one to learn about their customers, their habits, and their loyalties and possibilities for opening a new market segment or trying to gain customer loyalty.
8. Market Positioning: We assess the position of your rivals concerning the market and their identity as cost competitors, differentiation innovators, or focus players to establish your strategic platform.
9. Online Presence: In today’s world, customer attraction and engagement are critical, and the clues to that can be found in your competitors’ SEO rankings, social media presence, and website traffic. We want to reveal possibilities to support your Internet image.
10. Competitive Advantage: We assist with establishing how your customers can be won better and in what manner and to what extent, in terms of customers, services, products, price, or brand.