Staying ahead of the competition requires more than just a great product or service. It demands a deep understanding of your industry’s landscape, a keen eye on your competitors, and the ability to adapt swiftly to market dynamics.
That’s where Trendata’s Competitor Analysis Liveboards come into play.
Designed with precision, these liveboards offer strategic insights into four crucial aspects: Competitor Size, Competitor Development, Competitor Share, and Trending Competitors.
This comprehensive approach not only illuminates the current state of your industry but also reveals emerging trends and potential opportunities.
Join us as we delve deeper into each of these components, exploring how they can empower your business with critical competitive intelligence, inform your decision-making process, and refine your strategic planning.
Identifying Your Competitors
The first step in any competitive analysis is identifying your competitors. Our liveboard simplifies this process by allowing you to select your competitors from a user-friendly menu.
Once selected, the liveboard compares them based on search volume over a specific time period, providing you with a snapshot of their online presence.
By allowing you to select your competitors, the liveboard ensures that the insights you receive are relevant to your business. This customized approach can help you focus your resources effectively and streamline your strategic planning.
If you’re not ready to narrow down to specific brands, don’t worry. The liveboard offers a comprehensive view of all brands in your product category.
This feature gives you an opportunity to explore the broader market without prematurely excluding any potential competitors, ensuring a thorough and unbiased analysis.
Competitor Analysis with Trendata
Competitor Size
Competitor size lets you select your competitors and compare them based on search volume over a specific time period.
Once you’ve selected one or more brands, the liveboard presents a graph depicting the search volume for these brands over your chosen time period. Adjacent to this graph, a trendline shows the evolution of these brands over the years, expressed in terms of total search volume.
This visualisation not only helps you identify which brands are on an upward trajectory and which ones are experiencing a decline, but it also provides a comparative view of your own brand’s performance. For more detailed insights, simply hover your mouse over the trendline to reveal the exact search volume for each brand in a particular month.
For a broader perspective, the liveboard offers a yearly snapshot. It presents a stacked view of the search volumes of the selected brands over three full consecutive months. This feature provides a quick overview of your competitors’ performance throughout the year, giving you a clearer understanding of market trends.
Recognizing that the global market is a complex landscape with varying dynamics across regions, the liveboard also provides a regional breakdown of search volumes. By clicking on the Region tab, you’ll see a stacked graph revealing the search volumes per region for your selected time period. This regional analysis can help identify potential markets for expansion and gauge your competitors’ geographical reach.
Competitor Development
The Competitor Development liveboard offers deep insights into the growth and development of your competitors. Understanding not just the size, but also the evolution of your competitors can provide valuable context for your brand’s performance and strategic planning.
The left side of the liveboard features a graph that offers a comprehensive view of how the selected brands have evolved over the last fully analyzed year compared to the preceding one. This feature provides a clear picture of your competitors’ growth trajectory, which can give you vital context for your brand’s performance and future planning.
By comparing your competitors’ yearly evolution with your own brand’s growth, you can gauge your performance in the market and identify areas where you need to catch up or strategies that are working well.
Similar to the Competitor Size liveboard, the graph at the bottom-left corner breaks down the competitor’s growth by quarter, while the trendline at the bottom-right provides a month-by-month analysis. These tools offer detailed insights into your competitors’ growth patterns, helping you understand their seasonal fluctuations and long-term trends.
For all these graphs, simply hover your mouse over the lines to reveal the exact growth percentage for each year, quarter, or month compared to the previous period. This granular view of your competitors’ growth can help you anticipate their future moves, adjust your strategies accordingly, and stay ahead of the curve.
The Growth-Share Matrix plots the share of search for the brands on the x-axis against the growth percentage of the search volume in the selected time period on the y-axis. This visual representation quickly reveals where your selected competitors are positioned and which ones are growing rapidly.
By identifying which competitors might pose a potential threat, you can proactively devise strategies to counter their growth and protect your market share.
If you’re interested in regional development, just select the Region tab to see a stacked graph representing the growth percentages of different brands per region for your selected time period.
This feature allows you to understand where your competitors are growing geographically, helping you identify potential markets for expansion or regions where you need to strengthen your presence.
Competitor Share
Understanding your market share is crucial. But what can be even more enlightening is understanding your competitors’ market share. This is where our third liveboard, the Competitor Share liveboard, comes into play.
By selecting the Competitor Share liveboard, you can immediately see the share of search per brand during your selected time period. It also provides a trendline that reveals how the share of search has developed over time. It’s a dynamic, visual representation of changes in the market, offering a clear picture of which brands are gaining traction and which ones might be losing ground.
Understanding the share of search gives you a snapshot of your competitive landscape. This knowledge can help you gauge your brand’s visibility compared to your competitors and shape your marketing strategies to improve brand awareness and reach.
The stacked graph on the bottom left of the liveboard presents the share of search for each brand over three full consecutive years. This long-term view can be incredibly valuable, providing a broader perspective on market trends and brand performance.
By analyzing long-term trends, you can gain insights into the sustained performance of competitors and identify any consistent winners in your industry. This can help you understand successful strategies employed by these brands and adapt your own strategies accordingly.
By clicking on the Region tab, you can see the share of search per brand for each region during your selected time period.
Regional analysis can help you understand where your brand and your competitors are most popular. This information can guide your expansion strategies and help you focus your marketing efforts in regions where your brand has the potential to gain more market share.
Trending Competitors
The final segment of our suite of liveboards, the Trending Competitors liveboard, is designed to keep your business ahead of the curve by identifying the brands that are making waves in your selected timeframe.
The centerpiece of this liveboard is the Growth-share Matrix. This matrix showcases the brands that have experienced the most rapid growth during your selected time period. The faster the growth, the higher up they appear on the matrix. It’s a powerful visual tool that helps you quickly identify who’s gaining momentum in the market.
Spotting fast-growing competitors early on gives you an unbeatable competitive edge. By analyzing their strategies and understanding the factors propelling their success, you can not only adapt your own strategies but also innovate and stay one step ahead in the market.
We also offer a unique feature called Market Entrants Trendlines. This tool allows you to track competitors who have entered the market in the last 48 months. These are the brands that started with zero search volume and have since grown to register a search volume above zero.
Keeping an eye on new market entrants isn’t just beneficial—it’s essential. It equips you with the latest insights about emerging players in your industry. This invaluable knowledge paves the way for you to foresee potential challenges, discover innovative ideas and strategies, and react swiftly to shifts in the market landscape.
In essence, it empowers you to transform threats into opportunities and keep your business at the forefront of change.
Empower Your Business with a Comprehensive Competitor Analysis
The Competitor Share Liveboard is an all-encompassing tool that equips you with priceless insights into your competitive landscape.
With this wealth of information at your disposal, you’re empowered to make well-informed decisions, devise effective strategies, and keep a constant pulse on your industry’s heartbeat.
So, why wait? Plunge into the world of competitor analysis today and begin your exploration.
