Techniques of Competitor Analysis
Competition is one of the key factors that push certain companies to success while others fail completely to meet desired goals. Competitive rivalry is one of the core Porter’s five forces for business analysis and a corporate strategy that can easily propel any business to incredible status. There is nothing disreputable about prying on the competition in a marketplace. Evidently, an organization will be in trouble if it does not know more about the finest techniques of competitor analysis.
To stand out in any business and be able to compete with other entrepreneurs, using the modern competitive analysis techniques is one of the greatest strategies to rely on. These are exceptional strategies that help refine a company’s sales approach and boost its ranks in the market. There are traditional competitive analysis methods that have always worked miracles such as attending market conferences, reading industry periodicals, reading annual reports and much more.
With the advent of technology and ever-growing markets, entrepreneurs should not lag behind when it comes to business operation information. Entrepreneurs have to know what their competitors are doing right now and what they anticipate on the near future. With the right techniques of competitive analysis, it becomes much easier to study the competition’s position in the market and substantial factors that can present the much needed competitive edge. Here are the exceptional techniques of competitor analysis to rely on and stay ahead of your rivals in the business industry;
- Follow competitive industry blogs
Blog posts are the in-thing these days especially if they are written by your competitive rivals and industry experts. Many times, these blogs are usually part of a company’s website, although they may stand alone.
- Embrace LinkedIn
LinkedIn is the world largest professional network and will make it easy to find out more about your competitors employees and what they usually talk about in regards to business and related-activities. For instance, you can compare employees experience gap and what they have been able to bring to the table over the years of service.
- Investigate website traffic of competitors
At all times, conducting investigation on operations of your competitors is a great way to dominate the market. It is easy to ascertain more on visitors hitting your competitors website and compare with your own websites as web traffic tells a lot about a company.
- Utilize sales alerts
There are incredible technologies that will spider the web and provide essential information from competitors. From web alerts it is easy to learn about competitors acquisitions, new clients, layoffs and managements changes among other issues.
- Read competitors tweets and posts
You can follow your competitors on twitter or Facebook. From these social mediums, you can see who follows your competitors and also read their updates and followers feedback. Through these technologies it is easy to interact with clients and find out more on how to beat your competitors at ease.
Doing a competitive analysis should always be a great plan to help a company win. Relying on the best technique can always offer that competitive advantage. However, keep into consideration that your competitors are also doing similar analysis. Hence, you should conduct your analysis better and in a smart manner.
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