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:
- Improve product/ service quality
As your business keeps expanding, the expectations and needs of your customers will also increase. The best way to find those needs and understand the expectation is to evaluate your customer reviews as well as the customer reviews of your customers. When you compare reviews, you can efficiently tap into market gaps and anticipate the expectations and needs of your customers as well as the pending improvements of your competitors.
- Develop and fine-tune your USP
What is the unique selling proposition (USP) of your business? Why should a customer choose your brand? Answering this question will be the deciding factor that segregates you from the rest of the competition. A competitive analysis will show what other businesses offer and why customers choose them. Comparing your USP with competitors can help your distinguish yourself from the competition. Comparing products, services, integrations and mission statements can help you leverage your brand over the competition.
- Spot gaps in R&D and recruiting
Did you know that a competitive analysis goes beyond customer-centric content and content feedback? Yes, it is true. Getting a better understanding of who your competitors are recruiting as well as keeping a track of your competitors expansion can help you comprehend the trends that your competitors are facing, the workplace culture that they are in and some of the other important factors that customers would consider when they consider brand loyalty. Checking out job review sites, job sites or press releases are a great way to get to understand your competitors.
- Create a brand benchmark
Setting up a benchmark refers to the process of building a foundation for measuring your company’s growth. While both business startups and bigger companies can benefit from benchmarking, a competitive analysis can help you evaluate and unlock data that will show you how your customers are seeing you and your competition. This will give you a better understanding of your businesses scale and growth. Understanding the past and present of your brand can help you see where you can make improvements and thereby catapult your ROI.
- Stay aware of potential threats
A competitive analysis is dynamic in nature, so you you will be able to quickly find out the challenges that the market and your competitors are currently facing. This can help you stay prepared for prospective changes in the market, campaigns that can be rebutted or threats that could come up. Taking a look at competitor’s interviews, exclusives and social media pages can help you discover potential threats.
Are you ready to unlock insights from a competitive analysis? If yes, we at Outsource2india can help. We have extensive experience in market research and have a team of skilled competitor analysts who will give your business a detailed analysis, which can help you get ahead of your competitors. Find out more about outsourcing competitor analysis services.
Did you like reading this post? Do you want more information on market research or competitor analysis? Let us know by leaving a comment in the box below. We, at Outsource2india love to hear from you!
Interested to know more?
- How to Perform a Competitive Analysis in Five Steps
- 4 Things an Industry Analysis Can Help Your Business With
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