Small business marketers should always have a handle on who their competitors are and how they stack up against the competition. While it sounds overwhelming, competitor research doesn’t have to be that time-consuming. A simple review of your top competitors will help you understand how your company can compete, where you’ve got the leading edge, and where you may need to improve to get more business. Here’s a brief overview of competitor analysis and how to do it.
What is competitor analysis?
A competitor analysis, also known as a competitive analysis, is the process of identifying your competitors and assessing their strategies to determine their strengths and weaknesses compared to your own business, product, and service. The goal of the competitor analysis is to gather the intelligence needed to find a line of attack and develop your go-to-market strategy. It can help you identify where the “enemies” are and how they’re approaching the business. It can help you discover strategic areas where you can position yourself for a win.
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