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What is Competitor Analysis ?
Competitor analysis is the process used for gathering and analyzing information about other entities within the same business market with an aim to gain insight into their strategies, offerings, strengths, and weaknesses. It helps to identify potential opportunities or threats of a given product or service that can provide an advantage over competitors. Competitor analysis can also assess how companies perform across several areas such as customer loyalty, pricing strategy and operations management in order to develop working strategies maximizing organizational effectiveness.
How Does Competitor Analysis Work ?
It helps determine what sets them apart from their competitors and how they can use this information to better position themselves in the market. The process involves researching a company’s existing competitors as well as potential new ones, assessing their strengths and weaknesses, and developing strategies to differentiate themselves and capitalize on these insights.
Why You Should Use Competitor Analysis ?
Companies of all sizes should consider conducting competitor analysis as a way to understand how they are placed in their industry and how they can leverage their strengths to gain a competitive advantage. This type of analysis helps businesses analyze what products, services or strategies their competitors offer, track trends in their respective markets, spot any gaps or opportunities, and better craft and implement marketing tactics.
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Our Procedure
Competitor analysis is an essential part of planning for all businesses.
- Researching and understanding their direct competitors in the marketplace, assessing their products or services, pricing strategies and promotional efforts.
- This understanding allows companies to build a plan to develop competitive advantages while keeping their cost structures in check.
- Competitor analysis can be carried out using both primary and secondary sources of information analyzing their customer behaviors and preferences as well as engaging in market research to identify gaps in offerings and capitalize on any potential opportunities.
You should prioritize competitor analysis to understand existing competition, develop strategies that will continue to differentiate them and succeed in the market.
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Frequently Ask Questions
Competitor analysis is typically conducted through a combination of qualitative and quantitative research methods such as surveys, interviews, market studies, financial data, pricing models and SWOT analysis.
Popular techniques used to conduct competitor analysis include customer segmentation, customer journey mapping, competitor benchmarking and gap analysis.
It is recommended to review your competitors’ performance on a regular basis (at least monthly) to keep track of their activities and adjust your strategy accordingly.
