Running a business without examining your competitors is like a one-eyed man who believes that others are blind in the race. The practice of competitive analysis is similar to Strength, Weakness, Threats, and Opportunities, where evaluation is based on the quality of services, products, market strategies, concentrated customers, stability, and ineffectuality.
Once the homework is done, determine your competitors in terms of brands and scope of service. A severe analysis encourages you to become familiar with the intricate facts of how your opposition functions. It additionally identifies you to recognize what they’re doing well and better from you. Each product can profit from the regular competitive analysis. With the help of competitive analysis, one can easily –
• Distinguish holes in the market
• Grow new items and administrations
• Reveal showcase patterns
• Market and sell more adequately
Why should one conduct a competitive analysis?
Studying your competitor helps you to understand the era of the battlefield. It can help you to know how they are growing and approaching their business. You can discover the areas where they are working, and you lack on as it is a saying that keeps your friends closer but keep your enemies even closer.
How Eminence Conduct competitive analysis?
We follow a few steps to conduct the competitive analysis which include –
• Use social Media for tracking the activities of your competitors
• Compare your services/products with your competitors
• Check the engagement, volume, sentiment, and business impact metrics.
• Use SWOT analysis for more productive result
• Form a strategy