Competitive analysis is a significant tool for business, but it is so hard to know where to start!!!
Why is a competitive analysis so useful? Well, it gives you a better understanding of what your competitors are doing, what they are offering to customers, and how to maintain your competitive advantage. The findings from this analysis are likely to factor strongly into your own company’s strategic planning.
The analysis may be an in-depth exploration of the top five competitors, or a larger number of competitors could be examined (typically with less depth in the analysis).
The first step in a competitor analysis is to identify the current and potential competition. Once you have detected your competitors, you can start to analyze their strategies and identify the areas where they are most vulnerable. The internet is a powerful tool for finding information on a variety of topics and it will help you to make a list of your competitors’ strengths and weaknesses.
Exploring competitor websites also offers you information about content and functionality that you may have probably not considered for your own website.
To make your competitive analysis stand out, transfer the weaknesses of your competitors into potential strengths for your business. Through your competitor analysis you will also have to create a marketing strategy that will generate an asset or skill competitors do not have, which will provide you with a distinct and enduring competitive advantage.
How to present your competitive analysis? Well, I think competitive analyses can take a variety of forms and vary in their content, depending on the project, the questions you are trying to answer, and the resources available. Anyway it is essential that it contains an executive summary and prioritized recommendations, as well as lists and charts of findings.
I wish you a good week.
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