In getting started with selling and promoting your business, one of the most important items that I consider is monitoring and analyzing my competition. In business marketing this is what is known as a competitive analysis.
When it comes to generating sales or leads, one of the biggest worries is, how do I get new customers, is my product good enough, is my price point good, is my resume good, do the customers know I even exist?
Fortunately, most of these questions can be answered by looking at your competition. If they’re successful, or not successful, you can simply follow or not follow their lead. There is more to it, of course. But, if you really take a look at your competitor with a fine-tooth comb, you can see where their strengths and weaknesses are and use them to your advantage.
However, this all starts with a competitor analysis, which is a strategy where you identify major competitors and research their products, sales, and marketing strategies. By doing this, you can create a business strategy that improves upon your competitor’s.