A critical part of any business is to really understand what your competitors are doing in the marketplace and what kind of threat they present to your financial well-being. Using a third party to complete this activity would give an unbiased view of your competitors.
A competitor analysis will be an integral part of your overall business plan as it will allow you to establish what makes your services or products unique and therefore the USP’s you need to push via your sales and marketing strategy.
Pivotal Scientific would advise that a competitor review should be carried out at least once a year so you are able to keep up with the competition.
This competitor analysis will look at the following:
- Main competitors (company size, certifications, products, social media)
- Conferences your competitors are attending
- Company News (news, offers)
- Supplier/Distributor review
- Your competitors’ strengths & weaknesses
- What threats do your competitors pose?
- What opportunities do they make available for you?