How to Do a Competitor Analysis With Competitor Analyzer?
As the name suggests, Competitor Analyzer is a competitor analysis tool that lets you reveal brand-related information about competitors, similar companies, or practically any organization.
The solution builds on the popular Brand Auditor system, with additional features streamlined for competitor analysis. Similar to all others tools by Market Sampler, Competitor Analyzer uses micro-surveys to collect feedback from targeted people.
In this post, we will show you step by step how to do a competitor analysis with Competitor Analyzer.
Step 1: specify your competitors or any companies you want to research about
The self-service research configurator tool will ask you about the types of organizations you would like to research. Choose what describes your target companies best.
The next step is to select how many competitors you would like to analyze. You start researching about up to 3 companies at one time. Simply enter the number of companies you want to research, followed by inputting the company names and their websites. That’s it.
Optionally, you can include your company in the analysis company for comparison purposes. The config form offers this option after specifying the other companies for your research.
Step 2: Select your audit scopes
The competitor research tool will offer the following audit scopes:
- Brand awareness
- Brand acceptance
- Brand perceptions
- Brand and product presentation
- Perceptual mapping
- Marketing communications
Let’s see what insights these will get you:
Based on the survey responses, the system will calculate the % of respondents who were aware of each brand you specified. Brand awareness is measured separately for each company. The interactive reporting dashboard will enable further in-depth analysis of this.
Similar to brand awareness, the system will calculate the % of respondents who like your specified companies. Brand acceptance is measured separately for each company.
This feature enables you to understand what target respondents think about the selected companies. You will need to enter a few characteristics that the survey will offer as response options. The best is to add between 10–15 response options, both negative and positive. Respondents will choose what comes into their mind when thinking about the specified companies, and results will be displayed on a tree-map chart.
Brand and product presentation
Selecting the brand and product presentation option will add a score rating chart to the competitor analysis survey. Target respondents will be able to rate the product presentation of each company on a 1 to 5 scale. Results will be displayed on the report.
A brand perceptual map is a chart specialized to visualize how your brand is perceived by target customers, and how it compares to similar companies.
You can choose two values as analysis dimensions. The most common perceptual analysis values are price/value and price/quality. Competitor Analyzer offers a lot more options.
Selecting the marketing analysis option will add a score rating chart to the competitor analysis survey. Target respondents will be able to rate the marketing communication engagingness of each company on a 1 to 5 scale. Results will be displayed on the report.
Step 3: define the target respondents for your competitor analysis
To get the most relevant information, you want to make sure that you target the research to people who matter for your business.
Competitor Analyzer makes it easy by offering a wide range of respondent targeting options. You can define your target audiences by age, gender, location, highest education, interests, occupation and combine any of these for super-specific targeting.
Step 4: input your research budget
The last step before launching your competitor analysis is entering how much you will spend on the research. Simply enter your research budget it USD, and the system will calculate how many responses you will get.
The response count and report delivery time are calculated in real-time, based on your budget and targeting criteria. The minimum research budget is $50 (USD)
That’s it! This is how you set up a competitor analysis research.
Using Competitor Analyzer and any other research tools by Market Sampler is transparent and straightforward.
Try it yourself: Competitor Analyzer