Competitive Analysis Part 2: Knowing Your Competitors

Competitive Analysis

Competitive analysis is one method of obtaining information. In the previous article, we talked about how today’s business world is so difficult & how essential is information. Competitive Analysis | Digital Marketing

We now go to one of the initial steps in competitive analysis – knowing about your top competitors., . Competitive Analysis also gives your business the advantage it needs for your business to survive, possibly get ahead of the competition.

The world of business is filled with competitors, but not all of them are cut from the straight cloth. Just as in a tournament where there are teams deemed the ones to beat, top competitors in business are the ones reigning at the top. These competitors are the ones seemingly dictating the flow of the market, always in control. Top competitors are responsible for small, newer businesses folding and closing shop.

Should you be threatened by them? Of course, no! Why worry when you can learn from the best! Knowing your top competitors will yield ideas how each one works, operates, what is their formula for success.

 

Finding The Competition

There are many ways of finding who your top competitors are, but one of the simplest ways is to do a web search. The Internet is littered with tons of information such as top ten lists, performance evaluation sites, reviews with top recommends. From there, you should be able to narrow down the list and identify who are the best in the business.

 

Once you have identified who the competition is, it is now time to dig deep into enemy territory. In all likelihood, top competitors publish their success story in their own website. There are also personal accounts from current and former employees and officials. These are not that hard to find as most if not all can be found in the Internet. You should be able to compile a dossier of each competitor which lists their background and history, strengths, weaknesses, future plans and strategies.