Every niche has competitors. You likely won’t be the sole provider of a service or product in any industry. Competitor analysis and competitive research are an integral part of growing your business. Learning what other brands are up to and what strategies they’re using helps you plan and strategise better. It also gives you a good idea of what works and what doesn’t for your own customers.
The advent of the internet and social media has made competitor analysis more straightforward and comprehensive. Business owners can now conveniently identify their competitors and learn more about their engagement, strategies, and tactics. If you properly conduct competitive analysis, you’ll end up with plenty of quantitative and qualitative data to get a sense of the competitive landscape. Incorporating these insights into your strategies will help you get the best results.
There’s a lot of hype surrounding the benefits of a competitive analysis, but is it really that big a deal? We think so, and after learning more about how it can help your brand in this article, we hope that you will, too.