The importance of competition analysis

Many companies do not carry out competitive analyses. There are many sources of information on your competitors. Information can be taken from customers, suppliers and their websites.

You need to do things differently to succeed. Avoid copying your competitors, opt instead for using your own skills and carefully analyze the competition.

Who are your competitors?

Competition happens for all businesses. Even if you're the only café owner in town, your customers will spend their money in theaters, nightclubs and other industries rather than with you, so your competition increases. Competition can come from any part of the world.

Competition can involve many things, including a product, service or other online activity. When you want to sell your product, you need a license, and that's a competition where some companies can take advantage of it to overtake you.

What you need to know about the competition

Monitoring your competition's commercial activity is a necessary evil.
Here are a few important points to bear in mind about your competitors.

What are their marketing strategies and the products or services they offer?

Different sales strategies and innovative methods for their company and products

To improve customer loyalty, what tools do they use and what additional services do they offer?

Price list of all their products

How do they deliver and distribute their products and services?

Their level of technology awareness

The number of skilled employees they hire in a given period

The nature of the business owner

Their value on today's market

Must examine the annual report of a public company

Keep a close eye on their activities through various Internet sources, local newspapers, radio, television and any other available sources.

Most companies think internally when it comes to marketing strategies and creating a business plan. For example :

To illustrate their products and services, they use industry-specific language.

The characteristics of their products and/or services are adequately explained.

When it comes to marketing products and/or services, they assume that people all use the same strategies.

They believe they can give their customers a complete understanding of their products and/or services.

The benefits of monitoring your competition

When you know your competition, you can:

1

Understand exactly what your competitive advantages are.

2

Understand the specification area in the market where you benefit from this advantage.

3

Improve the return on your marketing investment and sales performance by targeting your efforts in the market.

4

Make sure you never become a mere commodity.

5

Establish a clear vision of your competition and their businesses.

6

Maximize your benefits by designing your communications plan.

In conclusion

It will help if you are fully equipped with all the essential tools to monitor your competitors. The way you can do this is by carefully nurturing relationships with consumers and other companies, developing business and offering an exceptional customer experience they'll never find elsewhere.

We have to keep an eye on a lot of things, such as customer requests and needs. Careful competitor analysis will enable us to grow our business faster by applying innovative efforts with detailed planning.

LAVAL

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