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Competitor analysis: step by step to put it into practice

Análise de concorrência: passo a passo para colocá-la em prática

Competitor analysis involves choosing three or four strategic competitors to learn from their practices. In the iron and steel resale sector, this approach allows you to identify opportunities for improvement and adapt solutions that truly deliver results. competitive advantages.

For those who run a store in this niche, this research is an efficient way to understand successful strategies, focusing on several aspects that can make a difference in business results. Want to learn more about competitor analysis?

So, keep reading and discover how this strategy can transform your operation.

Do a benchmarking

The first step when analyzing the competition is benchmarking. This is a strategic tool that helps identify and adopt best practices to improve results.

To achieve this, you'll need to analyze your direct and indirect competitors, taking into account various aspects. For example, you can gather relevant information about how your competitors:

  • price products;
  • organize the logistics and stocks;
  • deliver quality;
  • provide assistance;
  • attract customers.

Use this information to identify opportunities for improvement, whether by optimizing internal processes or offering conditions that exceed end customer expectations. It's important to remember that the goal isn't to copy competitors, but to adapt successful strategies to your business context. This practice is essential for standing out and growing sustainably.

Have the right tools at hand

THE technology has revolutionized the way competitor analysis is conducted. Previously, searching for market information involved leafing through printed newspapers, consulting specialized magazines, and researching various physical sources.

Nowadays, almost everything is just a click away on the internet. For those running an iron and steel resale business, tools like digital clipping are essential. They allow you to monitor competitors' websites, social media, professional blogs, and even online newspapers.

With this information, it is possible to adjust the management strategy, purchasing, negotiating with suppliers, and customer service. Additionally, Google features like keyword monitoring help you understand other companies' market behavior, revealing their marketing and sales tactics.

Choose three or more contestants

It's not necessary to analyze every iron and steel store in the region, but rather those with successful strategies. Ideally, focus on an average of three companies that stand out in the market.

Furthermore, it's worth expanding the analysis to include underlying categories. There are companies that aren't competitors but could become a threat in certain situations, such as home improvement stores or glass shops.

By observing these types of businesses, you can learn from their tactics. Then, you can simply apply these best practices to your own business to achieve greater profitability.

Create a competitor database

The next step is to create a database of the competition. To do this, start by organizing the information collected from the main companies operating in the market in a structured way.

It is important that you use a spreadsheet or software that allows you to record data such as:

  • company name;
  • location;
  • products offered;
  • average prices;
  • sales channels (such as WhatsApp, e-commerce, physical store);
  • marketing and promotional strategies;
  • strengths and weaknesses.

It's also important to include information about customer feedback and how the company handles complaints. This helps identify potential opportunities for improvement. Remember to keep the database up-to-date to compare with competitors' strategies.

Establish the analysis objectives

When analyzing the competition, you need to establish clear, focused objectives for the areas where your store faces challenges. Since it's not necessary to monitor every aspect, choose strategic points, such as prices, promotions offered, and marketing methods. customer relationship.

These objectives should be related to your business's bottlenecks. For example, you can assess aspects such as difficulties in the negotiation process, customer service, or logistics.

By setting these objectives, you ensure that your analysis is more efficient and targeted. But remember: the goal is to learn from competitors' best practices and apply them to your own process, always with enthusiasm and focus.

Define the monitoring strategy

Now you understand that you need to define your competitors and analysis objectives. But how do you actually obtain information? Common strategies include:

  • digital clipping;
  • online monitoring (blog, website, e-commerce, social networks);
  • offline monitoring (newspapers, magazines, pamphlets);
  • mystery shopper;
  • price quotation and evaluation of product mix by phone.

The best method varies depending on each company's profile and context. If it's very difficult to obtain competitive information, it's a good idea to send a mystery shopper to gather strategic data. This will give you access to more specific and reliable information.

Know your competition's target audience

Knowing your competitors' target audience is essential to understanding their purchasing behavior and consumer needs. This will greatly assist your company in analyzing your competitors and adopting best practices.

For example, by observing how competing businesses communicate and what products they offer, you can identify consumption patterns and market preferences. Additionally, it's worth considering other aspects of your target audience.

Demographic characteristics, such as age range, purchasing power, and location, as well as the pain points and desires that competitors address, can help determine your business's persona, which represents the characteristics of your ideal customer. This allows you to tailor your strategy to your iron and steel store. position yourself competitively and attractive.

Seek to learn continuously

It's important to emphasize that the goal isn't to copy the competition, but to learn from it. By monitoring other iron and steel shops, you can familiarize yourself with new practices and drive changes in your own business.

In this sense, beyond being an organizational learning process, competitor analysis can be seen as an innovation activity. Your iron and steel shop can improve on what your competitors are already doing.

By understanding how to conduct a competitive analysis, you can identify areas for improvement and differentiation to stand out in your market. As we've seen, monitoring other companies isn't difficult; you just need to have a good strategy and follow the tips outlined throughout this post. The benefits will be consistent, making your business more competitive.

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