Why You Should Conduct A Competitor Analysis For Your Small Business
Being a small business means you have to wear multiple hats and it doesn’t leave much room for you to sit back and analyze your competition. Though it seems like that insight is not a priority, it can actually give your business a boost to know how your competitors are doing and what gives your business the upper hand.
Here are some big benefits of conducting a competitor analysis for your small business:
- It will help you spot trends in the market.
- Studying the market from different perspectives and areas.
- Insight into the development of products and services.
- Determining what strategies are successful and what strategies are not with your competitors.
- Creating new ideas.
- Understanding strengths, weaknesses, and opportunities.
- Determining and managing risks.
- Understanding who your target market is and how to market to them better.
- Improve your social media.
- Helps you fine-tune your brand.
What is the process of conducting a competitor analysis?
- Find your competitors, which could be any business that is selling similar products/services to yours and they should be around the same size as your company
- Identify your competitor’s audience
- Identify your business’s most competitive areas in comparison to your competitors
- Discover your competitor’s strengths and weaknesses and compare those to your own business
- Highlight your “weak” areas in comparison to your competitors
- Assess the opportunities for improvement for your business
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