Outsmart your competitors by analyzing them! You can never really be too informed about your market, your customers, and other competitors.
The more information you have, the better decisions you can make – so there’s always a benefit to learning how to do a competitive analysis to better understand the market you compete in.
That said, competitive analysis is one exercise that can have an outsized impact on your strategy and the results it drives. Some of the chief benefits of analyzing your competition include:
– A better understanding of where your company fits into the larger market
– The ability to identify competitor weaknesses and potential opportunities
– The chance to get a sense of what’s working for competitors (in terms of pricing, marketing channels, messaging, and other factors) and use it to inform your own strategy. Additional context you can use to work through specific business challenges you face.