Competitive Analysis for Start-ups and Entrepreneurs in the Intimate Apparel Industry

As a start-up or entrepreneur in the intimate apparel industry, it’s important to stay on top of market shifts, new trends, and successful tactics used by your competitors. A competitive analysis can help you do just that, providing you with a bird’s-eye view and an in-depth understanding of the key players in your market. In this post, we will describe a process for performing a competitive analysis that is specifically tailored for e-commerce businesses like yours.

WHAT IS A COMPETITIVE ANALYSIS?

A competitive analysis is an assessment of your competitors’ strengths and weaknesses in comparison to your business. It is a vital tool that helps you formulate strategies to give your business an advantage over your competitors. It also helps businesses identify potential advantages and barriers within a target market, monitor their competitors’ marketing, pricing, and distribution tactics, and determine industry trends.

WHAT SHOULD YOU COVER IN A COMPETITIVE ANALYSIS?

Your competitive analysis can vary depending on what you want to learn about your competitors. However, some frequently seen elements in this kind of research include their target customers, market share, unique value-add, key features/benefits, price points, and delivery approach. You might also consider adding sections that focus on their website features, customer experience elements, social media approach, content marketing tactics, marketing tactics, email marketing approach, and customer reviews.

STEPS TO CONDUCT A COMPETITIVE ANALYSIS

Here are the steps you should follow to conduct a competitive analysis:

Step 1: Create a List of Competitors

To start, you need to create a list of relevant competitors. You can start with searches around your product and business idea. Identify businesses that offer comparable products or services. Then operate in a similar market segment, target similar or slightly different consumers. Consider including both newcomers and established players in the industry.

Step 2: Create a Spreadsheet

Create a table or spreadsheet to organise the data you collect about your competitors. Include criteria such as price range, product offerings, social media engagement, content used for lead generation, first-time visitor offers, and other traits that are worth exploring.

Step 3: Identify Primary and Secondary Competitors

Once you have a list of your competitors, you need to categorise them into primary and secondary competitors. Primary competitors are those who offer the same products or services to the same customers. Secondary competitors are those who offer similar products or services to different customers or who offer different products or services to the same customers.

Step 4: Gather Information:

Use a variety of tools and techniques including but not limited to website analysis tools (Ahrefs, SEMrush), social media listening tools (Facebook Audience Insights), customer review platforms, and industry reports to gather information on your primary competitors. Consider to sign up for their newsletters. If possible purchase their products to get a first-hand experience of their customer service and delivery process.

Step 5: Analyse Your Findings

It’s time to dig deep and analyse it. Conduct a comprehensive SWOT Analysis, keeping an eye out for any trends or insights that can shed light on the competitive landscape. Identify your rivals’ strengths and weaknesses, and consider how you can leverage this knowledge to your advantage.

Step 6: Create an Action Plan

Create an action plan based on your analysis to help you differentiate your business and gain a competitive edge. You might need to adjust your pricing strategy, improve your marketing tactics, or create new products or services to fill a gap in the market.

By following these steps, you can undoubtedly gain a better understanding of your competitors, identify industry trends, and create strategies to differentiate your business and gain a competitive advantage. Remember, a competitive analysis is a living document that should be updated regularly as the market changes. Good luck with your analysis!