A competitive analysis of your business website will allow you to see how your business stacks up to the competition & allow for a proper strategy to beat the competition.
The world of business today is a constant fight to survive. Depending on what you are selling or offering, competition today is so tough it is hard for a business to remain open. Without proper preparation, your business can last just a year or several months.
Information is one of the most essential in order to survive in today’s world of business. And one of the most important information you require is that which tackles about your opponents. Sun Tzu’s Art of War says “Know the Enemy”. But how do you obtain knowledge about your competition in business?
What is competitive analysis?
One definition of competitive analysis speaks of it as a practice of researching, analysing and comparing competitors in relation to your business. Doing a competitive analysis of your competitors allows you to scout ahead and find out just what are you getting yourself into. Competitive analysis lets you dig deep into the mind and heart of your competitors, finding out their strengths and weaknesses.
A lot of very useful information can be obtained with competitive analysis. It will allow you to measure your business against the best and the worst competitors on the market. It will allow you to find out and address issues of your business at an early stage. Finally, the information you obtained about your competitors can be used to help your business gain advantage, even the upper hand.
In doing a competitive analysis in business, some of the things you will be finding out about your competitors are the following:
- Who are the main competitors
- What are the products/services of each one
- Strategies they use
- Behavior of the market at present and future
This is a first part of our series of articles about competitive analysis. What we gave you now is just an overview. In the next article, we will be discuss further how is it conducted.