Understanding the strengths and weaknesses of your competitors through a competitor analysis can help your business improve quality, fine-tune your USP, spot gaps in R&D and create a benchmark. Read this blog post to find out why your business needs a competitive analysis.
To make your business successful, it is integral to conduct a competitive analysis. Not only will a competitive analysis identify and evaluate the strategies of your competitors, but can also help you evaluate their weaknesses/strengths in relation to the services/products that you are selling. The insights that you gain from a competitive analysis can help you spot your own strengths/weaknesses related to your brand, content strategy, community management, customer support and much more.
Let’s explore why your business needs a competitive analysis: