{"id":24971,"date":"2021-12-09T12:39:31","date_gmt":"2021-12-09T18:39:31","guid":{"rendered":"https:\/\/wealtheo.com\/?p=24971"},"modified":"2021-12-17T09:28:06","modified_gmt":"2021-12-17T15:28:06","slug":"know-your-market-doing-a-competitive-analysis","status":"publish","type":"post","link":"https:\/\/wealtheo.com\/articles\/entrepreneurship\/know-your-market-doing-a-competitive-analysis\/","title":{"rendered":"Know Your Market – Doing a Competitive Analysis"},"content":{"rendered":"\n

You may not realize it, but your competition is affecting your business in a substantial way. They might be stealing some of your customers, and from there, they could pose a threat to you and your company’s success. The only way to know for sure is by completing a competitive analysis.<\/p>\n\n\n\n

<\/a>What is a Competitive Analysis?<\/h2>\n\n\n\n

A competitive analysis assists in identifying the market’s major competitors<\/a>, determining their success techniques, and identifying resources your company could employ to dominate the market.<\/p>\n\n\n\n

<\/a>How To Do a Competitive Analysis<\/h2>\n\n\n\n
  1. Know your competitors:<\/strong> The first step is to identify all of your major competitors<\/a>. You can do this by doing a simple Google search for your product or service and looking at the top results. Once you have a list of competitors, it’s important to research each one and gather as much information as possible.<\/li>
  2. Conduct a survey:<\/strong> Your survey should ask what users like and dislike about each company, how much time they spend on their website, and how likely they are to make a future purchase from them.<\/li>
  3. Identify business structure:<\/strong> Understanding your competitor’s business structure will help you determine how to position yourself in the market. If they’re a smaller company that runs on limited resources, there may be an opportunity for growth.<\/li>
  4. Study their marketing strategy:<\/strong> Look at what they are doing to promote themselves through social media, directories, email newsletters, print ads, and so on. This is where most businesses fall short when trying to do a competitive analysis. They focus all of their energy on the product and not enough on their marketing.<\/li>
  5. Look for weaknesses and gaps:<\/strong> This is where you’ll want to focus most of your attention. What are they not doing that you could do better? What can you do to make yourself stand out from the competition? Try to be innovative when looking for gaps and weaknesses.<\/li><\/ol>\n\n\n\n

    <\/a>Benefits of Understanding Your Competition<\/h2>\n\n\n\n

    Once you have completed a competitive analysis, you can reap several benefits. Here’s why entrepreneurs should do this and how to get the most out of your research:<\/p>\n\n\n\n