Being a successful business owner takes more than just offering a great product or service, managing the books well, and hiring great employees; it takes understanding your market and where your business could grow and improve. As such, conducting a competitive analysis can be an important part of gathering data that can inform your business decisions. For help conducting a competitive analysis, call the content marketing specialists at NUVEW today.
What Is a Competitive Analysis?
A competitive analysis refers to a strategy whereby you thoroughly analyze how your competitors are doing business. This involves looking at competitors’ sales, products, and marketing strategies in order to get information about what they’re doing well and how your own business strategy could be improved.
Why Is a Competitive Analysis Important?
To put it succinctly, if you don’t understand your competition, you won’t be able to out-perform them. Conducting an analysis into what your competitors are doing and how they are doing it allows you to have the upper hand and identify opportunities where you can surpass them. For example, by conducting a competitive analysis, you may gain insight into your product’s unique value proposition, what your competitor is doing right and how you could improve upon that, what your competitor could improve (and whether or not you’re making the same mistake in your own business), and more. It also provides you with a baseline against which you can track your own company’s progress and growth.
How to Run a Competitive Analysis
Of course, running a competitive analysis is easier said than done. First, you’ll need to determine who your competitors are and then identify what products they’re offering. Then, the real research begins. Important data to collect includes:
- How your competitors are marketing their products/services;
- What your competitors’ content strategy is;
- How users engage with your competitors’ content;
- Any perks your competitors are offering their customers;
- Baseline costs, such as shipping costs;
- How content is promoted; and
- What their strengths, weaknesses, opportunities, and threats are.
Get Help From NUVEW Today
Conducting a competitive analysis is a big undertaking, especially for a business owner who is already swamped with running their own business. At NUVEW, we are happy to help. Our content marketing specialists can conduct a competitive analysis of your competitors on your behalf and then make recommendations about how you might improve your own marketing strategy. To learn more about our process and how we can help, please call us directly today or send us a message at your convenience.