“World trade means competition from anywhere; advancing technology encourages cross-industry competition. Consequently, strategic planning must consider who our future competitors will be, not only who is here today.” – Eric Allison

Some companies believe that it is best to stick to their own strategies and neglect the competitors. While others end up being obsessed with keeping their eyes on their competitors. Well, there is nothing wrong being focused on the plan as long as your business has done a good research to run the rest of the day. However, keeping eyes on your competition is also essential and will give you advantages. This strategy helps you know their strengths as well as their weaknesses. Therefore, you can easily maintain your business by doing everything better than theirs.

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Yet, before you meet that easy task, you have to do something crucial for your business. It is competitors analysis. Once you missed, you will get the wrong data and do a wrong strategy. But don’t worry, just follow these several methods to get the best result.

Internet Research

First thing you have to do is identify your competition. Make a bunch of list that is related to their profile, product, and also the offers. So that, you have a chance to analyze the market based on the data and make a strategy to beat them in your market. Don’t forget to check their website and brochure to get you a details information about their product.

To save the time, you can also visit their social media to gather another information. Use the list you have to know which company competes you in the same social media platform. Moreover, you may follow them in social media to learn more about how they treat their followers.

Talking to Customers

Other essential methods to get a good reliable data is talking to the customers. By doing this discovery, you may know the real information about their behaviors, motivation and also their needs. It is better for you to call your marketing team since they know better about customer and perhaps have an opportunity to get valuable info about your competitors.

Once you think you have enough data, you can find the result by doing SWOT (strength, weakness, opportunity, and threats) analysis. Take some notes of your competitor’s SWOT then you’ll be able to compare it one by one. You’ll be able to compare every their SWOT factors against you or vice versa. Arrange some solution to fix your weakness and never stop doing innovation since your business is all about innovation.

Related: 3 Tips to Help You Run Successful Digital Marketing Campaign.

Now, what are you waiting for? Analyzing competitors can helps you a lot in improving your business. Interested in seeing more about business strategy and tips? Click here to see more articles!