Why Your Business Needs a Competitive Analysis?

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:

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How to Perform a Competitive Analysis in Five Steps

Do you want to know more about the competitors who are offering a similar product/service? A competitive analysis can show you what your competitors are doing differently and areas where you can improve. Here is how you can do a competitor analysis in 5 steps.

There are other companies offering the same service or product as your enterprise. How do you gain an edge over your competitors? Simply knowing what your competitors are offering is not enough. To stay one step ahead of the crowd, you will need to conduct a thorough competitive analysis on a regular basis.

Here is a simple 5 step process to help you complete a detailed competitive analysis

  1. Identify your competitors

    Start by identifying your top ten competitors. Do you know them? As a company at the national level, you are competing with possibly hundreds or even thousands of companies trying to catch the same group of qualified leads. You have no idea who most of your competitors are. You might know one or two companies you are competing with, but outside them you are confused and lost. Apart from using Google, another great way to find out your top competitors is to use market research. With the aid of competitor analysis, you can look at what other companies are ranking for a particular keyword and how your enterprise stacks up against them.

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