Five Steps Towards Having Powerful Competitive Analysis

By Author: Gavin Bird
Total Articles: 1
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It is important for every entrepreneur to have complete understanding of competitive landscape in the respective domain. As a matter of fact, competition is said to be defined as any type of business which offers similar product or service in same industry, region or market. A strategic entrepreneur not only is aware of his competition, but also is in a position to understand the better ways to have him positioned ahead of competition.

Step by step procedure to creating the right competitive analysis environment

Identifying competitors: An easy way for locating competitors would be have a look at the prevailing market to identify competitive analysis environment. In case, the individual is a retailer, then it would be drive around neighborhood or to make use of Google Maps. In case, the business is national, then industry associations are to be looked into and if the business is virtual, then Google can be used and few keywords to be typed in to check as to what pops up.
Checking out on competition: Once competition has been identified, the next step would be to learn everything about those organizations. ...
... For instance, their website is to be visited and to check how they have positioned themselves in the market, what type of services and products are offered by them, the key differentiators which is promoted by them, etc. Also, it would be a good idea to have a product ordered or to call directly the business to know more about the manner they operate and to understand the kind of experience they tend to create for the shared customers. If the person can shop at the location and verify the environment, their process, staff and how the organization delivers on the promise made. Lastly, one should take note of the pricing, their distribution and offering, delivery models for comparing own business.
Identifying competitor’s weaknesses and strengths: The entrepreneur is trying to search for ways for positioning himself from position of strength. In such a case, the easiest way can be described to assess really the strength and weakness of the competition against what the person is doing. But one should not get into negative selling or trying to place competitors in bad light. On the other hand, it would be better to operate from place of integrity, to know that sufficient business is present around for every organization to achieve success. If the brand is strong and the business is offering true value, success can be achieved in the real sense.
Identifying competitive benefits: Once the individual is aware as to who the customers are, have experienced as customer and also identified if they are weak or strong, the next thing to do would be to emphasize really own strengths. It would be essential to focus on what the person brings to the target market, which is different and unique from the competition. It is not something easy. However, once the person goes through it, the rest process is likely to become natural.
Understanding and implementing the above can help the entrepreneur, both new and existing to profit from the business.