No matter how unique your concept is, your business WILL have competitors. In today’s society no business is free of competition and as a result, doing a competitor analysis is crucial to your success.
Competitor Analysis is a Must
Competitor research gives you insight into your industry, market and competition. With that information you’re in a better position to make effective decisions and plan for success.
Because knowing your competition can make or break your success, it’s a task worth your time and effort. We recommend doing a competitive analysis prior to launching and regularly once you are operating can so you’re set you up for success and keep your business on track.
Head over to the article “Why Competitive Research is Important and How To Do It Right” for an in-depth look at the benefits of competitor analysis and how to do one yourself.
Benefits of Competitor Research
Gaining information on your business rivals can keep your business moving forward and give you the insights needed to pivot when necessary.
- Helps you understand the market better
- Enhances the marketing processes
- Helps discover gaps
- Creates a plan for your business
How to Conduct a Competitor Analysis
Whether you hire someone or DIY it, the following process will give you a thorough assessment that results in valuable data. So be sure to follow the steps outlined below.
- Identifying Your Competitors
- Categorizing Your Competitors
- Analyzing Their Systems and Processes
- Understanding Market Positioning Plans
- Understanding The Pricing and Shipping Moves
- Analyzing Independent Customer Reviews
- Looking At Their Social Media Presence and Reputation
Invest Time in Your Business
Regular competitive research is definitely worth your time as it can give you valuable insights into ways to improve and grow your business.
Need support conducting a competitive analysis? Book a FREE Business Coaching session!