Competitor analysis: understand what it is and how to do it

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A practice that aims to get to know competitors and understand their products, services, work methodologies and operating strategies, in general, this is how competitor analysis can be described.

The benefits of applying it are numerous, including a better understanding of the business, a more comprehensive view of the market and an understanding of how competitors deal with adversity.

Therefore, if you want to expand your knowledge and stand out in your field, stay with us, as we will give you some tips for carrying out a good competitor analysis.

Reading is important, and therefore deserves your full attention. Check it out!

Determine the objectives
Everything should start with the ios database of the analysis. In this sense, try to be as specific as possible, determining them according to your interests and your needs for improvement.

If you want to evaluate a particular competitor as a whole, conduct individual research for each of its “parts.” That’s the idea: to move from generalizations without going into depth to a more in-depth study of its highlights.

It is from then on that you will understand what he is doing to obtain such expressive results, for example.

Collect data from reliable sources
Regardless of the assessment points, when analyzing the competition, make sure to collect data from reliable sources. In other words, the information must be genuine and up-to-date.

Otherwise, what you will get will be nothing more than a distorted panorama that does not reflect reality, thus compromising the reliability of your analyses.

A great tip here is to pay attention to competitors’ social networks and websites, blogs or online stores, as many “revelations” happen precisely through these channels.

Mystery shoppers also help: A mystery shopper is a person hired to visit a competitor and go through a shopping experience. After trying it out, they will put together a detailed report explaining what the strong and weak points were.

Have constant monitoring
Anyone who thinks that competitor analysis is something that should only be done once is mistaken. In order to obtain the insights that are so desired, it must be done consistently.

Quarterly, half-yearly or annually, in short, always keep an eye on things, because as you already know, the market is changing frequently. Within this, there is the fact that new competitors appear all the time, whether direct or indirect.

In conclusion, it is important to understand that each organization has its own particularities. What works for one may not work for another. For this reason, when you find a practice or strategy that has been working for one of your competitors, do not assume that it is the ideal solution to your problems.

The recommendation is simple: adapt these “findings” to the reality of your business. Copying the competition is not a good idea. The secret is in adaptation!