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Whatever it is you do, it is almost certain that there are other companies out there offering a similar product or service to yours. In any crowded marketplace, you need as much information and insight as possible to gain an edge over your competitors. Simply knowing what they offer is not enough.
A competitive analysis is a strategy where you identify major competitors and research their products, sales, and marketing strategies. … It also helps you identify what they’re doing right and opportunities where you can easily one-up them by using a strategy they haven’t taken advantage of.
With the advent of new software and technology, marketers and business owners have the ability to know more about their competition than ever before. It is extremely important to regularly conduct a thorough competitive analysis in order to stay one step ahead. Competitive research (or competitive intelligence) is a field of strategic research that specializes in the collection and analysis of information about rival firms. It’s an essential tactic for finding out what your competitors are doing and what kind of threat they present to the success of your company.
Every brand can benefit from regular competitor analysis. By performing a competitor analysis, you’ll be able to:
As you can see, learning any of these four components will lead your brand down the path of achievement. But before you get too excited to start, we need to nail down a few important basics. Once you identify your true competition, you’ll need to determine what metrics you’ll be comparing across the board. Below, we’ll give nine specific factors to compare and tips on how to identify this competition in the first place.
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