Before you perform a competitor analysis for your business, you first need to understand what it is, and the purpose it serves.
While “competition” shouldn’t be your main focus, you need to understand that data is everything.
Having access to data about your competitors will give you an edge. It allows you to see what others in your industry are doing that’s currently working — and what’s not.
Most importantly, it enables you to make better, more informed decisions about your own company’s next steps.
Competitor Analysis Defined
A competitor analysis is a strategy that involves researching some of your major competitors to gain insight into their products/services, sales, and marketing tactics.
Additionally, a strong analysis will:
- Make room for stronger business strategies;
- Ward off other businesses in your niche;
- Gives you the chance to capture market share.
In other words, a competitor analysis helps you learn the ins and outs of how similar companies operate.
The process also gives you insight into potential opportunities for your business. And it enables you to stay ahead of the curve and exceed industry standards.
Step-by-Step Process for Performing a Competitor Analysis
- Identify your competition.
- Determine the products and/or services that your competitors offer.
- Research their sales tactics and results.
- Look into their pricing and perks.
- Ensure you’re meeting competitive shipping costs.
- Take note of how they market their products and/or services.
- Study their content strategy.
- Observe the engagement rate on their content.
- Further inspect their social media presence, strategies, and go-to platforms.
- Perform a data-driven SWOT analysis to learn their strengths, weaknesses, opportunities, and threats.
Once you have all of the above, you will be able to understand your customers a little better. Moreover, it will give you the insight you need to streamline your efforts and 10X your results.
Overall, it’s clear that building and growing a company is a true challenge. As business owners, we get so caught up in the details of running a business that we undermine the most important aspects.
But by coming to a 10X360, you will get information about scaling businesses that you won’t learn anywhere else.
So, schedule your call with Cardone Ventures today and let’s get you into our next 10X360 to learn what to do to 10X your business from the inside out.