There are several reasons why every business needs to focus on competitor analysis, and it’s no secret that medium to large successful companies have people teams of people dedicated to looking at this. So why should we do this?
- To help understand their strategy, both past, present and future and what bearing this has to us, in terms of market movements and developments
- To help with our own plans when it comes to product and service development or differentiation
- To understand the customer service of our competitors, and how we can enhance our own
- To help with pricing strategies
- To deliver branding and marketing that is strong within our markets, and stands out amongst competition
The list is endless. There are so many reasons to monitor, understand and react to our competition. There are no reasons to ignore them.
2. Who are your…
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