Whether you’re starting a brand-new service-based business, or are wanting to ramp things up, a competitor analysis can be essential to your success. Why? A competitor analysis is something that can help you get a far better understanding of the strengths and weaknesses of your competitors in relation to yours, as well as help you develop a marketing strategy to assist in gaining competitor advantage.
Here are a few things to help solidify that a competitor analysis could do your business some good!
- It will help you build a better understanding of how your business stacks up against your competition
- It will give insight into what your company’s unique value proposition is and could be
- It will be a basis for creative an effective marketing strategy
- It can help guide you in how to pursue target customers in new markets you have yet to tap into
- It will give you a good sense of how your current and potential customers perceive your competition
What insights will a competitor analysis give you?
- How to advertise
- How to promote your services
- Which exact services to emphasize in your marketing efforts
- How to refine your target market
- Which value propositions to promote first and above the rest