for restaurants, a competitor is any business that sells food to the same target market. a competitive analysis is the methodical practice of analyzing your competition from a variety of different angles in order to understand the marketplace and define your place in it. capture all direct and indirect competitors within a 10km radius of those five to eight potential neighborhoods you narrowed down when choosing a location for your restaurant. if this is the case, you might be able to find pictures of their menu on yelp or other review sites.
this section seeks to evaluate how they perform in the market and compare next to your restaurant. project this against your own prospective market share and the market share of other neighboring competitors in order to gauge the available market. market gaps by concept: if you analyzed a market and found a lot of quick service, take-out chinese restaurants, you might consider turning your concept into a fine dining chinese restaurant or a casual restaurant that caters to the hip, young professional elite. as you move forward, your restaurant concept and plans will continue to be dictated and inspired by your competitors.
does it ever feel like there’s a new competitor on your shelf every time you walk through the grocery store? in this post, we’ll discuss the importance of gathering data about your competitors, then outline a few best practices you can use to create a competitive analysis of your own. finally, at the end of this post, you’ll find a complimentary competitor analysis template you can use to get started. monitoring your competition’s pricing strategies, shelf placements, and in-store advertisements will empower your company to be proactive rather than reactive by augmenting its retail strategy at the first sign of a competitive threat. the specific components of a competitor analysis will vary from company to company based on each business’s unique requirements.
you can use this data to fill in a competitive analysis template for a more in-depth review. remember that the reason you’re analyzing competitor data in the first place is so that you can position your brand to outdo your neighbors on the shelf. the list of insights you can realize from a competitive analysis report are numerous. 81% of brands are frustrated with their ability to drive execution in the store. victoria is a marketing associate at repsly, where she leads the company’s p.r. one of the most common reasons brands lose out to a competing brand is because customers change their minds based on something they see, learn, or do when interacting with a product in-store… at repsly, we’re emphasizing customer outcomes in 2022 highlighting the many ways our customers are recognizing the value of their retail execution platform.
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