Competition Analysis Review
Competition Analysis Review – Knowing where you stand and how you compare can be critical. The advantages of conducting a competitor analysis are many. You must know who your competitors are, what their products and services are and how they compare to your own company’s products and services.
It would be impossible to list all of your competitors so what you would need to do is determine a few of your top competitors. More importantly you will want to know how your competitors’ market and who their target audiences are.
Some sources to use to check out your competitors include annual reports, internet, websites, newspapers and yellow page ads. You can also use your company’s sales reports and sales team to determine why prospective clients are choosing your competitors instead of choosing your company.
It is very important to analyze your services or products and how they compare to your competitors. You will need to look at your company’s growth and how it compares to the growth of your competitors.
Write down everything you like about your product or service and compare the
information to what you find out about your competitors.
Research the following categories:
• Define your industry
• Determine your competitors
• Determine your customers and the expected benefits
• Determine key success factors in your industry
• Determine key success factors of your competitors
To determine detailed profiles on each of your company’s competitors involves collecting information in the following categories:
• Company Background
• Financials
• Products or Services
• Marketing (Advertising Effectiveness)
• Physical Facilities
• Personnel
• Corporate and marketing strategies
• Sales and Profits by products and relative costs
• New Product Strategies
A competitor analysis is a valuable resource and a great business tool to increase your sales and grow your company. How do you analysis the competition? Do you need ideas on how to roll out new products or services?
Rich Enterprises Inc offers a variety of marketing services that can help with everything from lead generation, appointment setting, email campaigns and market research.
Check us out: https://www.richworldwide.com
