Global marketing plan

Industry and competitors analysis tools

It is essential to study the behavior of competitors in order to formulate a strategic global marketing plan. Competitive information will help discover the competitors' weaknesses,   strengths, competitive forces in the competitive environment, as well as the industrial environment (Adom et al, 2016). In industry and competitors analysis, the most important thing to identify is the sources of competition or in other words, the strategic actions that the competitors are using to achieve profitability. However, it is essential to concentrate on powerful competitors since they will bring direct competition. In this case, powerful or direct competitors are companies that offer the products that the business is intending to provide (Adom et al, 2016).  Such organization will have intense competition, and thus, it is important to find out their strategies and objectives, strengths and weakness, the current and future state of the competitors, and the competitors' segmentation strategies. It is also important to look for information such as the branding and image, market research capability, advertising and promotion, among other information (Adom et al, 2016). Note that the purpose of industry and competitor analysis is not to collect all information, but its purpose is to gather the fact and in specific qualitative information. In general, the main aim of conducting the analysis is to understand the competitive market in order to develop strategies that will position the organization in the competitive edge.  Another important thing to understand is that in order to spy the competitors and monitor their business operations, the organization must use the best analysis tools (Adom et al, 2016). The tools will help the organization track the competitors, and more importantly, understand their strategies, and use that information to prepare its global marketing plan. There are many industry and competitor analysis tools, but the tools that can work best in creating a global marketing plan are;

Google Trends- Google Trends allows the organization to predict the future by tracking the company's trend. The organization can view content such as posts, perspectives, and news concerning the brand and other activities (Arens, 2019). I think this tool is the best to conduct industry and competitors in that the organization will access real-time data about the competitor's brand, consumer behavior, changes in interest and special events, and so on. The organization can also use this tool to compare the customers' interest and view the search terms, and this will help to improve the marketing efforts (Arens, 2019). I will use this tool to view the competitors' products and services, technology trends, relevant topics, and search query. This will information will help to identify the locations where products and services are needed, identify new markets, and use the best technology.

Similarweb- the purpose of this tool is to help the organization find the competitors' content, monitor the industry, and understand the competitors' online strategy (Arens, 2019). These are important elements that will help the organization discover the organizations' opportunities, emerging trends, consumer intent, and more information. I think this tool is the best to conduct industry and competitor analysis in that it provides detailed metrics that help the organization to compare the performance (Arens, 2019). More importantly, the tool will allow the organization to view page viewed by visitors, and tool will help identify the source that increases the volume of visits to site traffic. I will use this tool to see the competitors' websites and the traffic overview, including traffic by countries. I will steal ideas from the websites that have high percentages of traffic so that I can boost the visits numbers on my website.

BuzzSumo- This is an important tool that allows the organization to view the competitors' content performance (Arens, 2019). For example, it is possible to see the type of content that makes the competitors' achieve success. This is done by seeing the content that consumers are sharing, and more importantly, the most shared content. I think the tool is the best as it will allow the organization to increase its social media marketing efforts and more importantly, produce the content  that is more engaging and compelling (Arens, 2019). Note that the information of other competitors will help brainstorm ideas and produce relevant and current content that the audiences will share. I will use this tool to find the content that the competitors are sharing on the social media platforms, who are sharing, and the top priority topic. This information will help create a high-performing content that will bring great social traction.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

References

 

 Adom, A., Nyarko, I., & Som, G. N. (2016). Competitor Analysis in Strategic Management: Is it

a Worthwhile Managerial Practice in Contemporary Times?. Journal of Resources

Development and Management, 24.

 

 Arens E. (2019). 7 Free SEO Tools for Social Media Marketers.  Sprout Social, Inc.  Retrieved from: https://sproutsocial.com/insights/free-seo-tools/