By Steven Czyrny
Competitive Analysis, is a key factor for any business whether it is a start-up or established company. It also enables a company to stay atop of industry trends and ensure the product or services are consistently meeting and exceeding global industry standards. A competitive analysis can help you learn the ins and outs of how your competition works, and identify potential opportunities where you can out-perform them. Competitor analysis is used by most successful businesses to remain ahead of the curve as it helps businesses revise their strategy based on the insights they have uncovered, and amplify what works. It helps businesses understand how they can improve by better serving their customers, based on customer feedback around other competing businesses in their market. Businesses are better off if they know how they are competing for share of mind and wallet, and why.
Competitor Analysis is key element in the arsenal of any start-up analyzing your competitors’ strengths and weaknesses as a crucial step for creating your startup’s advantage on the market. Finding the reason why a competitor is struggling in the market will prevent your startup from making the same mistake. Competitor’s analysis should incorporate things like the pricing history of the competitor’s products/services and the changes that caused a modification in pricing strategies. One should also know when your competitors perform their promotional activities as it is about timing and its effect, and the timing alters your competitor’s perception of your target audience. As a startup, your job is to determine the best period for entering the market and the time period that it takes for your business to prove itself in the market.
As Steven Czyrny, Founder The Analyst Agency points out, “Competitor analysis is an evaluation of the strengths and weaknesses of current and potential competitors. The right competitor information is key element for any business big or small to go that extra yard in being successful. The insights gained from such activities helps in formulating the right strategies and marketing campaigns to reach out to the proper audience and at the right time.”
Without robust competitor analysis, it is not advisable for any business to come up with strategies and marketing plans, which will put a dent in it progress and expansion.