Etini
Valued Contributor
The business sector is a very competitive landscape that requires strategy. One of the big strategies needed for businesses to succeed is competitor analysis. It is simply the ability for a business to identify it's competitors and see loopholes in the competitors' offerings that they can use to better their own products or services to attract more customers from the competitors to the business.
While it is easy to just talk about competitor analysis. It is important that a business understands it's top competitors because those are the ones the business needs to drag customers from. How then does a business identify the top competitors among all other competing firms in the industry? Let's explore:
1) Industry events and reports: When you attend industry events or subscribe to periodic industry reports, you would be able to identify the businesses that are determining the trend in your niche and have the biggest customers whom your own business must strategize to surpass.
2) Social Media: Use relevant hashtags on social media to search for businesses that are generating the most discussions related to that hashtag. They are your top competitors.
3) Direct Feedback from customers: Talk to your customers and get to know the other businesses they would have patronized for the same products if it weren't your business. The name of the business that features most in these conversations are your top competitors.
While it is easy to just talk about competitor analysis. It is important that a business understands it's top competitors because those are the ones the business needs to drag customers from. How then does a business identify the top competitors among all other competing firms in the industry? Let's explore:
1) Industry events and reports: When you attend industry events or subscribe to periodic industry reports, you would be able to identify the businesses that are determining the trend in your niche and have the biggest customers whom your own business must strategize to surpass.
2) Social Media: Use relevant hashtags on social media to search for businesses that are generating the most discussions related to that hashtag. They are your top competitors.
3) Direct Feedback from customers: Talk to your customers and get to know the other businesses they would have patronized for the same products if it weren't your business. The name of the business that features most in these conversations are your top competitors.
