Competitive Analysis is Essential For Any Business so Take Time to Research

Competitive analysis is essential for any business so take time to research

Regardless of size or age, a competitive analysis is essential for any business so take time to research your competition, you can learn what strategies they are using. Of course these strategies can be either unique to them. Or may even be things you could adapt yourself and improve your business. By understanding what your competition is doing, you can create a plan to beat them at their own game.

By taking the time to research your competition, you can learn what strategies they are using. Conducting a competitive analysis includes:

  • Analysing their marketing strategies: What are they doing to attract customers? What are their advertising campaigns like?
  • Reviewing their product offerings: What are the features of their products? Are they innovating in the market?

Knowing how your competitors are perceived creates insight into your strengths and weaknesses.

After all, if you are collecting information about competitors you have no use for is not savvy. You are wasting your time. All information you collect should be shifted through for stuff you can actually use. Use to improve your business, product, service, message and competitive advantage. For instance, knowing your competitors’ keywords is super. But then doing nothing about it is just silly.

Knowing your own strengths tells you your market position. As well as that f the message you wish to implant into the minds of your target audience. It is imperative to communicate clearly to your potential customer. To tell them why your offering is the best thing they can pick. Equally as important as knowing what you need to improve on. Knowing where your offering falls short of expectation means you know what to work on.

During your research, you may find that some of your prospects prefer one of your competitors. This may be due to a product feature or their superior customer service. What ever it is doent matter. The fact you know about it is the important thing. Allowing you to do something about it. Long before getting the “Dear John” letter from your biggest customer.

Not sure where to start?

If you are unsure where to start, it is perhaps best to move forward and conduct a fundamental SWOT analysis. Despite all its limitations, SWOT has stood the test of time because it is simple to understand. It is easy to do too, but it’s so much harder to do it right, of course. But it does give users a foot into the competitive analysis. Start by evaluating own your strengths, weaknesses, opportunities open to you. And then the threats to your business.

If nothing else, SWOT analysis can assist you in sifting through the collected information. Then allow you to identify actionable next steps.

Ongoing process

Competitive analysis as part of your strategic planning is an ongoing process. You can always refer back to it whenever you need to make an essential decision for your business. To stay ahead, you should regularly revisit and update your competitor analysis.

What is Competitive Intelligence?

Competitive Intelligence is the finding, sorting and critical analysis of information. To make sense of what’s happening and why. Predict what’s going to happen and give the options to help you control the outcome. Competitive Intelligence offers more certainty, competitive advantage, and insight.

Finishing your competitive analysis doesn’t mark the end of your strategic planning. And it’s just the beginning. Use the insights to reduce uncertainty in your strategic decision-making. Which in turn assists your competitive advantage. Whatever the size of your organisation. Be it established or a startup, it’s essential to keep your competitors in mind.

Competitive analysis is essential for any business so take time to research

In conclusion, conducting a competitor analysis is essential for all organisations. Take the time to research your competition. Learn what strategies they are using and how to best compete against them. Put your competition at the forefront of your mind today! Conduct a competitor analysis today to set your business up for success. Or let us do it for you of course.

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