How to study a fashion business’ competition? Before we start, you must understand how important your competition is to achieve all your marketing strategy goals. Because of this, studying it and paying attention to it is vital.
You should carry out this study daily. After all, it allows you to get important information. This, in turn, can make your brand grow and understand what works for your clients and what doesn’t.
For this, you can help yourself with technological tools and applications. However, anyone who knows market research and analysis can also support you to find the reports you need to analyze the competition.
This analysis consists of examining competitors’ websites and networking platforms daily but goes much further. In other words, your objective won’t be to imitate but to learn about them. This way, you can improve and grow in marketing, sales, and delight strategies.
Some benefits you can get from this are:
- Identifying gaps in the market
- Developing products or services
- Learning about new trends in your industry
- Manage to sell and promote your products effectively
To achieve this competition analysis, you must first know who’s your competition. Otherwise, you won’t be able to obtain the precise and useful data that will help you surpass them.
Some experts suggest that it falls into two categories: direct and indirect.
How should a competitor analysis be done?
Every market analysis needs a very clear goal and process to be effective. The same happens with your competitors. That’s why, if you want to extract the best and most effective data, you must follow these steps to the letter.
- The objective. Once you have set your goal, you will be able to know exactly what you want to know. Otherwise, you won’t achieve anything. In the case of the fashion world, you must think about what products work and why. Ask yourself what makes them special, how many competitors do you have and what they do, how they sell.
- The competitors. When you discover which are those companies that compete with yours, you should study with your clients and ask them and the suppliers, investigate the creation of new companies around you and remember very well that analyzing is not the same as copying.
- Get informed. A good strategy requires good research because otherwise, you will achieve the opposite. Keep in mind that information is power and that in entrepreneurship, the power that you must have between eyebrows is what differentiates you, innovate and attract new clients. Some things that you can apply to obtain this data are internet search engines, such as Google, Yahoo! or Bing, to get curious and interesting facts. We at BluCactus can help you with that and so you can get what you need. On the other hand, there is social media, the easiest. Through them, you can analyze the profiles, followers, comments, forums, reactions.
- Know your competitor. You can stop by their store or simply browse their website to find out how they act and the behavior of their customers. Another option is networking or presentations that help you observe carefully.
- Analyze the information Once you graduate as a super-spy, it is time to elaborate the analysis of that data. So you must order them and look at what products and services they sell and who their suppliers are, as well as what characteristics the product or service has that make it competitive, likewise, what is their marketing strategy, sales volume, prices, employees, positioning of the company. It is through this analysis that you can make the most important decisions for your fashion business.
How do you compare yourself to the competition?
Leads are just potential customers. Your job will be to get him interested in you because you are the one who offers him what he really needs. That is, you will be the one who best gives what other businesses fail. For this reason, I invite you to take this into account so that there is a comparison with your competition without falling into toxicity.
That is why it is best to achieve a fair and clear comparison. The starting point is to make an accurate comparison, even when not everyone is a winner. In this sense, if you show any data, and this is not correct, the user who compares before deciding will notice it and instead of being positive, it will be the opposite.
There is an option to make this decision and it is comparing yourself with the two or three most recognized competitors in your space. In this sense, you should know that it is not just a comparison, and although we can learn something about the first attempts, it is that the safest way in which we will fall into learning is through trial and error, because it is didactic.
Highlight comments and reviews.
Let them be seen. Always. No matter. It’s what works best for companies when it comes to benchmarking against competition.
They are considered as personal recommendations, which generate that the subconscious of the person who reads it, feels it personal and generates trust.
For this reason, always leave a place for frequently asked questions and suggestions from customers. Answer the most common ones that you know potential customers can get.
What tools help us evaluate competitors?
You may wonder what you get with this, and the truth is that you have to set your goals very well to reach the final goal. In this sense, you must analyze and understand how to improve your offer. Look at your mistakes and learn. Look for what makes you stand out, know the market, and always find business opportunities.
BluCactus invites you to observe and learn from different competition analysis tools. They will be your guide to analyze, monitor, and learn the strategies that can help you earn money.
We know that there are a lot of them, so many that you don’t know how to choose. However, we invite you to study which one will best suit you and your brand, even if it may take some time. The important thing is that no matter the time it takes, you should do it hand in hand with experts in the field, like us. At BluCactus we can help you study the competition of your fashion business and help you position yourself in the market as the best of the best.