But if you’re a consultant or advisor struggling to get buy-in from skeptical stakeholders, the report below would be ideal.
Covering everything from market forecasts to consumer profiles, it can help you get clients and decision-makers on board.
That’s why a competitive analysis is so crucial to your success as a business.
It gives you the tools to quickly adapt to any changes in the competitive landscape and potentially capitalize on industry trends that your competitors haven’t even noticed.
This personally stuck with me and is something I have continually practiced in the 14 years we have operated as an ecommerce company.– Ken Sadowsky, Co-Owner, The research you gather about your competitors is often referred to as: “Competitive Research.”This kind of research is crucial to your success as a business because it arms you with the ability to quickly identify industry trends and adapt to competitor campaigns or strategies in order to maintain a foothold or out-compete them entirely.
Whether you want to admit it or not, competitors are out there and they’re likely just as hungry as you are.Another approach is to focus on the things that provide the most value to the user, like in this competitor analysis example from Mint.It only includes ease of use, costs, and benefits: And as with any market research, it’s critical that you speak with real people who use your product and your competitors’ products.Whether you’re a startup trying to break into the marketplace, a consultant trying to get results for your client, or an established company looking to cement your foothold against the competition, a well-researched competitive analysis gives you the tools you need to make strategic decisions.The level of detail you include in each section of your competitive analysis report will vary depending on the stage of your business growth and your goals.From there, check out different social media channels, organizations and online communities.Other resources you can use to dig up information on your competitors include Reference USA.By analyzing your competition and then monitoring them on an ongoing basis, you’ll get to know their behavior, enabling you to anticipate their actions and stay one step ahead. You want to make sure shoppers have a reason to pick you over everyone else.While growing up my father, who also was a small business owner, had a wall plaque in his office that essentially echoed the sentiments of the importance of embracing, appreciating and understanding your competition.Your ultimate goal at this stage should be to cast a wide net and get a comprehensive view of the competitive landscape.As you find competitors, you’ll want to categorize them into various levels, from direct competitors to businesses that don’t currently compete with you, but could easy pivot.