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Marketing is the process of promoting and selling your product or service to your target audience. Needs (e.g., problems, solutions, benefits).
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Behaviors (e.g., habits, preferences, pain points).Psychographics (e.g., interests, values, goals).Demographics (e.g., age, gender, location).How does it differ from your target audience? What are their needs, preferences, behaviors, and pain points? Are they targeting someone you aren’t? How can you better serve them?įor example, if you run a fitness app, you might want to compare target audience characteristics such as: When conducting a competitive analysis in marketing, try to discern who your competitors are targeting. Target audience is the group of people you’d like to reach and serve with your product or service. Pricing value (e.g., features, quality, reputation).Pricing discounts (e.g., coupons, bundles, referrals).Pricing options (e.g., monthly, annual, lifetime).Pricing tiers (e.g., basic, premium, enterprise).Pricing model (e.g., subscription, one-time, freemium).You might want to compare pricing factors such as: Suppose you run an online course platform. And make sure you’re not over- or under-charging your customers. Use your competitors’ pricing strategy to guide your own. Pricing is the amount of money you charge for your product or service. That way, you get a clearer picture of what your competitors are doing differently and why. To get you started, here are seven factors that stay the same across the board: Features or ProductsĬompare your features or products to your competitors’ and highlight those that make you stand out or fall behind.įor example, if you’re selling an email marketing tool, you might want to compare features such as: A SaaS company, on the other hand, will probably want to look into their competitors’ features and pricing pages. The factors you include in your competitor analysis depend largely on your goals and industry.įor example, an online pet store owner will want to see what products their competitors sell that they don’t. What to Include in a Competitive Analysis Read on to find out how you can get started. Stay on top of market changes to gain a competitive edge over your competitors.Develop strategies and tactics that promote your unique value proposition.Identify gaps in your strategy that your competitors address.Compare your results with your competitors’ performance.Regularly conducting competitive analyses can help you: Get competitor data, like:Ĭompetitive analyses are essential for any business that wants to succeed in a crowded and competitive market. Later, Prism will fit the standard curve and then report the unknown concentrations using that curve.Generate a competitive analysis snapshot in a few clicks with Semrush’s Market Explorer. Just below the standard curve values, enter the assay results (Y values, rows 7-10) for the "unknown" samples, leaving the corresponding X cells blank. Including this data point will help to define the top of the fitted curve more accurately. Since our data will be graphed on a semi-log plot and it's impossible to plot the log of 0, we approximate the zero-concentration point in row 1 with an X coordinate of 1.0e-014, two log units below the lowest non-zero X value. Sometimes you'll want to include data from a zero-concentration sample. For our example, enter "known" sample concentrations into the X column, rows 1-6, and the corresponding assay results into the Y column. We'll follow that convention here and let Prism compute the logarithms for us.Įnter data for the standard curve. RIA/ELISA data often span such large concentration ranges that concentrations are plotted as their logarithms. For this example, choose A single column of values. Choose to format the X column as Numbers and to format the Y column for the number of replicates in your data. In the Welcome to Prism dialog box, select Create a new project and Work independently. Prism automates the process of producing a standard curve and interpolating unknown concentrations from it. Graphically, this amounts to finding the X-axis value (concentration) for a given Y-axis value (measured quantity). Then, for each measurement obtained, use the standard curve to find the corresponding substance concentration. The quantity that you measure (radioactivity, optical density, or luminescence, for example) is related graphically to sample concentration to produce a standard curve.Īssay the "unknown" samples. Prepare and assay a set of "known" samples, i.e., samples that contain the substance of interest in amounts that you choose and which span the range of concentrations that you expect to be present in your "unknown" samples. Analyzing radioimmunoassay (RIA) or an enzyme-linked immunosorbent assay (ELISA) data is a two-step process: