Wouldn’t it help to know what your competitors are up to?
Well, you can by carrying out a competitive research analysis. Analysis like this can help you remain current in the marketplace as well as sanity check that your offering and pricing structure remains competitive. We would suggest you do this when setting up a business, bringing a new product or service to the market or as a matter of course at various point throughout the year.
How to approach this
The basic information you need to start with when carrying out this exercise is:
- Who are your competitors?
- Who is their target market?
- What makes them unique?
- What are they charging?
You can then take this further by finding out some of the following information:
- What website features do they have?
- What social media channels do they use?
- What are they promoting most recently?
- Do they have any customer reviews?
I know this will seem like a time-consuming task but the information you will gain from it with be invaluable and may just spark something off in your own mind about what you need to do in your own business.
Why do it?
Quite simply this could be key to understanding your market and growing your business. The benefits of taking the time to do this could include the following:
- A better understanding of your market
- An understanding of your strengths and weakness.
- Identify opportunities within your market.
- Keeps your business competitively priced.
- Identify new and emerging trends in the market.
- Inspire new ideas.
- Potentially save time and money on ideas that wont work
- Keeps you 1 step ahead of the competition.
If your business does not have the time or resources to carry out this task, panic not. We can help you with this. Contact us today for a chat about how to get started.