10 Tips for Conducting Competition Analysis

In our last blog we discussed the importance of knowing your competition and of conducting competition analysis.  Here are 10 brief tips to review:

  1. Be a customer. Shop your competition and buy something. This will give you the most thorough view of their strengths and weaknesses.
  2. Research their website. Make a web inquiry to see how their customer service is.
  3. Get copies of their marketing materials, pricing, rate sheets, etc.  Inquire using an alias name.
  4. Find out how they market—where do they network, who are their power partners, where do they advertise, etc.
  5. Know as many of your competitors as possible.
  6. Have an experienced person or yourself do the mystery shopping. Don't leave this up to someone who has never done this before. Chances are they will not do it properly and critical information will be missing.
  7. Keep your eye out for new competition. Take rumors seriously.
  8. If your competition has a mailing list or email list, get on it so you can keep up to date with what they are doing.
  9. Put important information in a spreadsheet that will allow you to review everyone side by side.
  10. Update your competitive analysis yearly for most current information. 

 If you need assistance with conducting competitive analysis for your company, please contact us.

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