Regardless of the size of the marketplace or the specific market sector, your business operates in, you likely have competition. Whether that competition is fierce, or whether you compete on friendly terms, the success of your business very much relies upon how much of the market share your business can win.
Increasing that market share can be done in many ways such as creating new products, providing great customer service, and offering great value for money. Highly effective marketing, especially online in this internet age, is another great way to beat your competition. However, all of these efforts will be tempered if you lack a crucial piece of the jigsaw and that is having knowledge about your competitors.
If we take sport for example when a team or individual knows a great deal about the person or team they are opposing they can use that knowledge to focus on their strengths and take advantage of their opponent’s weakness. That same pimple exists in business. To be able to take advantage of this, you must first learn about your competition using competitor analysis. Read on and we will highlight 7 steps to doing this most effectively.
Decide And Describe Who Your Competitors Are: Do you know who your real competition is? It is amazing to see so many business owners carry out this step and find competitors they did not they had, and discover companies they thought were competitors, were targeting a different audience completely. Take time over this and ensure that the businesses which you are going to analyse further are those targeting the same audience as you.