Explore the Competitive Landscape of Your Industry
Analyze the Competition & Market Players’ Growth
How to Map Out & Read the Competitive Landscape
If you are a Game Changer:
Look at the Leaders’ traffic generation strategies and try to beat them on the platforms where they are least active.
If your competitors are Game Changers:
These may be well-known companies expanding to a new region or completely new entrants to the market who owe their growth to paid promo and recent investment.
If there are many Game Changers in the market:
It may be a new or unsatisfied niche. Consumer demand is increasing or, at least, ongoing.
If you are a Leader:
Keep it up, but make sure your traffic generation strategy is scalable and cost-effective. Monitor Game Changers. See if Established Players can teach you a tactic or two.
If your competitors are Leaders:
You can learn some marketing strategies from them. Study their traffic sources to find best-performing platforms and placements.
If there are several Leaders in the market:
It looks promising if the demand is unsatisfied. Before you enter, refine your offer to make it the most interesting in terms of price and quality.
If you are a Niche Player:
Compare your traffic growth rate to that of your competitors. Set the benchmarks and borrow some marketing ideas from faster-developing Game Changers.
If your competitors are Niche Players:
They may be absolute beginners or stronger businesses that have just started their expansion in your target region. Once-popular businesses that have lost their positions may also end up here.
If there are many Niche Players in the market:
It may be a sign of high consumer demand. However, analyze the situation in dynamics before making a decision to enter this market.
If you are an Established Player:
Your position is pretty stable thanks to your large audience. Nevertheless, be aware of the threats coming from Leaders and Game Changers.
If your competitors are Established Players:
Research their traffic sources to find out how they gained such a big audience. Also, try to find out why they stopped expanding.
If there are several Established Players in the market:
It may be difficult to enter it as marketing budgets are hardly reachable. A smart, well-considered go-to-market strategy could be a solution, though.