What
is competitive analysis
While writing a business plan there is section of
“competitive Analysis” that is meant to analyze your competition.
Competitive
analysis is all about:
• Analyzes your current competition
• Analyzes your potential competitors who could come into your market
Purpose
of competitive analysis
• It determines to detect, scrutinize, and govern the
strengths and weaknesses of your competition.
Chief
perks of doing competitive analysis
• Competitive analysis provides you the opportunity to make
the desired and dire changes in your business strategies.
• It benefits you to take advantage from your competitor’s weaknesses.
Process
you need to follow for competitive analysis
• Make a list of your current competitors and try to
identify their weaknesses
You
need to develop a simple list of your current competitors in this way:
1. Analyze the companies you will directly compete with
2. Analyze all the competitor’s companies/industries/stores in your area
3. Analyze their services of your competitors
4. Analyze their hours, what convenience they are providing to their customers.
5. Analyze how they seek to gain market share
6. Analyze their effort to have finest clients
7. Analyze their marketing strategies by looking at their PR and advertising.
You have to take an advantage of the weak areas of your competitors because
that is where you will outperform.
The
best and handy way to get info about competitors
1. Visit their websites
2. Check out their marketing materials
3. Gather information about services and prices.
4. Visit their location for to check out sales materials and promotional
literature
5. Assess their marketing campaigns
You will be amazed by evaluating other businesses as it will make you learn a
valuable knowledge.