Every business niche has competitors. You likely won’t be the sole provider of a service or product in any industry, even if your product or service is the best option. Competitor analysis and competitive research are an integral part of not only sustaining your small business, but ultimately growing your business. Learning where other brands are succeeding and what strategies they’re using helps you plan and strategize more tactically. 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. With all of this information, you might be wondering how to conduct a competitive analysis for your own business. Keep reading for an in-depth look at the steps you need to take as a small business owner.