{"id":3701,"date":"2022-09-30T15:16:01","date_gmt":"2022-09-30T15:16:01","guid":{"rendered":"https:\/\/www.watchmycompetitor.com\/resources\/?p=3701"},"modified":"2024-03-27T10:36:14","modified_gmt":"2024-03-27T10:36:14","slug":"conducting-competitor-analysis-everything-you-need-to-know-to-get-started-and-succeed","status":"publish","type":"post","link":"https:\/\/wmc-nonprod.com\/resources\/conducting-competitor-analysis-everything-you-need-to-know-to-get-started-and-succeed\/","title":{"rendered":"Conducting Competitor Analysis: Everything You Need To Know To Get Started And Succeed"},"content":{"rendered":"\t\t
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According to Forbes, <\/span>three-quarters of enterprises say their main competitors are already using data analytics to differentiate their propositions<\/span><\/a> and promote their strengths to clients, the media, and investors. <\/span>Organisations across different industries and territories are increasingly concerned about competitors becoming better informed and making smarter strategic decisions to steal customers and market share.<\/span><\/p>

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It\u2019s not enough to know your own proposition\u2019s strengths and weaknesses. You need to know which competitors are strong and weak in which areas and draw conclusions that help you protect and improve your position in the marketplace. <\/span>That\u2019s where competitor analysis comes in. In this article, we look at what competitor analysis is, the key insights you can give, the 6 important steps to conduct it successfully<\/strong>, and what you can do with the insights it provides.<\/span><\/p>

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What is competitive analysis?<\/span><\/h2>

Competitive analysis is the process of gathering, studying and drawing conclusions from data gathered about your competitors with the goal of understanding their strengths and weaknesses, and identifying the potential threats and opportunities posed by them.\u00a0<\/span><\/p>

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It\u2019s a process typically managed by the marketing and insights teams that use what they learn to inform their strategies.\u00a0 Next, this intelligence will be distributed to relevant teams and individuals within their organisation so that they can also devise, analyse and evaluate their internal strategies.<\/span><\/p>

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How can competitive analysis help your business?<\/span><\/h2>

The less you know about your competitors, the greater the risk they pose to your revenue and market share. Whether it\u2019s a new feature that elevates their products or a change in pricing strategy that opens them up to new audiences, your position in the market is at threat.<\/span><\/p>

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Competitive analysis helps you to understand those threats and adapt and respond in a way that makes your organisation not only more robust but better positioned for future success. It can provide insights that your competitors don\u2019t have, giving you an advantage in a competitive market. <\/span>As the UK heads towards further economic turmoil, the need to get or stay ahead of the competition has never been more prominent.<\/span><\/p>

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Key insights you can gather from competitor analysis<\/span><\/h2>

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Competitor analysis can cover almost any facet of business you can think of. But ultimately, it\u2019s about understanding who\u2019s leading in what aspects of competition, who\u2019s closing the gap, who\u2019s falling behind, who\u2019s planning something that could pose a threat, where do you fit into the market and how are those positions changing.\u00a0<\/span><\/p>

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Competitor analysis builds the picture and makes it clearer. Once analysed, which we\u2019ll come to shortly, it gives you the insight to make better decisions in every part of your business, from the strategic to the tactical to the day-to-day.<\/span><\/p>

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Key insights you can gather through competitor analysis include:<\/strong><\/span><\/p>

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