Without a full competitor analysis how can you hope to steal a lead on your competitors? I am regularly asked by companies how they can improve their marketing, sales and customer’s experience. A quick review and audit reveals they know very little, and often nothing, about their competitors. They don’t know what they sell, what price they sell it for, or, the service they deliver. They can’t tell me where their competitors are positioned in the market place and how they are positioned against them. A competitor analysis doesn’t have to be difficult or complex. There are a few tricks to ensuring that you get the right information. It’s also useful to know the best way to use and interpret the competitor analysis you have gathered.
How can a Competitor Analysis help my business
Not convinced that you need a Competitor Analysis then think again. Just think about how you would use the information gained from a full competitor analysis.
- To position your business in the market place
- To differentiate your business from your competitors
- To develop new products and services
- In marketing materials
- On your website
- When you receive a customer enquiry
- To convert prospects into paying customers
- When pitching for business
- Negotiating terms of business
- After care
I could go on as the list is pretty extensive. You see a competitor gap analysis should influence every aspect of your business.
I do a Competitor Analysis once a year, isn’t that enough
Most larger businesses conduct a competitor analysis once a year as part of business planning and marketing. However the exercise itself is often formulaic. The same information is gathered year, after year, with little reference to how useful it will be. Even less time is dedicated to understanding the information and the insights it may bring.
Need help with your competitor analysis. Want to see how it could really change your business and your profits. Please give me a call to discuss 01442 244654.
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