To create unique offerings that set you apart, you need to assess your competitors to know who they are and what they bring to the market.
Keeping tabs on your competition is a great strategy for growing your business. It will help you plan your own strategies so you keep your customers and win customers away from your competitors. Here are some tips on how you can start gathering information on your competitors
1. Identify your competitors
Firstly, conduct a Google search to identify and categorize your top competitors. Primary (they offer the same products as you), Secondary(they offer similar products as you), and Tertiary competitors(they target the same market as you).
It is also a great idea to monitor what industry analyst firms report about your industry to identify new competitors.
2. Gather key information about them
Secondly, you’ll want to gather as much information(products and services, pricing, positioning and branding) as possible about them. Diving into why your competitors are offering these to customers can help you learn more about your target market.
It will also help you identify trends in your industry and areas you need to improve.
3. Understand how they market and sell their service
Taking note of how your competitors are evolving and changing up their business approach can help you spark new ideas. It will also give you insight into the business practices that you’re not currently doing.
Knowing this could help you define your value proposition. Additionally, You can alter your products or services to keep and attract customers.
4. Analyze your competition
Finally, analysing their strengths and weaknesses will tell you how you can adapt your strategy to counter their strong points. You can also take advantage of their weak points with this information.
Monitoring tweets, Facebook posts, blogs, and media mentions is also an easy way to track the public’s sentiment about your competitors.
Final Thoughts
In conclusion, you never want to run a business without understanding what others in your industry are doing. You’ll need to regularly assess your competitors to find ways you can improve and stand out from your competition to fuel your competitive advantage.
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