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4 Steps to Do Competitor Analysis
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[QUOTE="Mika, post: 242731, member: 29399"] Before you can do competitor analysis, you will have to analyze your products. Your competitors are the businesses that are selling the same products that you are trying to sell. For instance, if you are trying to sell shoes, businesses that are selling shoes are your competitors. However, you will also need to know that your true competitors are not all those who are selling the same product, your competitors are only those who are selling the same product in the same market. For example, if you are selling shoes in New York, your competitors are the businesses that are selling shoes in New York and not the companies that are selling in Paris. You will also have to drill down your competitor further. For example, if you are selling shoes in New York, you may not be selling in the entire New York, you might be selling in a certain district, or neighborhood, therefore, all hose businesses that are selling in that district are your competitor. Therefore, your analysis should be based on these factors. Once you identify your true customers, you will have to learn their strategies, their products, their market size, etc. so that you can build a better strategy to sell products. [/QUOTE]
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