While it can be frustrating to watch your competition have seemingly all the right answers to the challenges of a modern business landscape and grow, it is this ever-changing, information-filled environment that gives you the perfect opportunity to learn from them and even surpass them. With a bit of time invested in a proper competitor analysis, you can find a competitive edge that is hiding in plain sight. Here is how.
- Forget about magic tricks, illusions, and puppet masters behind the curtains
Even if you don’t realize it at a first glance, there are no tricks and illusions in what your successful competition is doing. There is always a reason why something works, and you should focus on learning as much as you can about simple reasons behind your competition’s success.
- Go undercover
There is no real competitor analysis without experiencing your competition firsthand. Whether you’re in retail, tourism or online marketing business, you have to gather as much intelligence about your competition as you can without utilizing unethical tactics and techniques. Visit your competitor’s store or website on a regular basis, take notes, and learn whatever you can in an ethical way.
- Don’t limit yourself
Who is to say you only need to learn from your direct competition? You don’t have to limit your competitor analysis to your local market or your own business sector. Find a digitally advanced industry, and analyze its failed and successful marketing efforts.
- Use what you learn
What good is your analysis if you don’t put the data you gathered and analyzed to good use? Just like any other business effort, market research takes money and time. If you want to see any return on investment, don’t ignore the results of your research.
- But don’t get too caught up in it
The moment your competitor analysis becomes more important than your actual business goals, take a deep breath and reevaluate your position. Competitor data you gather should not distract you from achieving your goals, but, instead, serve as a basis for your work process and strategy optimization for accomplishing them.
Above all, don’t get in over your head. Seek out reliable, established business partners that can help you with not only competitor analysis, but also with utilizing the gathered data to its full potential!
