How To Assess Your Competition To Grow Your Business

How To Assess Your Competition To Grow Your Business

If you are going to create unique offerings that set you apart from your competitors, you need to know who they are and what they are bringing to the market.

Keeping tabs on your competition is a great strategy for growing your business. It will help you plan your own strategies so that you keep your customers and win customers away from your competitors. Here are some tips on how you can start gathering information on your competitors

How To Assess Your Competition

Identify your competitors
Conduct a google search to identify and categorize your top competitor’s into Primary ( they offer the same products as you), Secondary(they offer similar products as you) and Tertiary competitors(they target the same market as you).

It is also a great idea to monitor what industry analyst firms report about your industry to identify new competitors.

Gather key information about them
Next, you’ll want to gather as much information(products and services, pricing, positioning and branding) as possible about them. Diving into why your competitors are offering these to customers can help you learn more about your target market.

It will also help you identify trends in your industry and areas you need to improve.

Understand how they market and sell their service
Taking note of how your competitors are evolving and changing up their business approach can help you spark new ideas. It will give you insight into the business practices that you’re not currently doing.

Knowing this could help you define your value proposition and you can alter your products or services to keep and attract customers.

Analyze your competition
The analysis of their strengths and weaknesses will give you an idea of how you can adapt your strategy to counter their strong points and take advantage of their weak points.

Monitoring tweets, Facebook posts, blogs, and media mentions is an easy way to stay in the know about the public’s sentiment about your competitors.

Final Thoughts
You never want to run a business without understanding what others in your industry are doing. You’ll need to regularly assess your competition to find ways you can improve and stand out from your competition to fuel your competitive advantage.

SOURCE: Overwood.ng

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