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A competitive analysis, or competitor analysis, is a comparison of competitors’ strategies used to evaluate the strengths and weaknesses of different marketing approaches within an industry. It helps business owners understand their own company’s positioning in relation to other companies on the market and generally leads to informed decisions about product pricing, distribution methods, promotional tactics & more. Conducting a competitive analysis can involve collecting data from multiple sources including websites, social media posts & customer reviews as well as utilizing third-party data and insight providers.
A competitive analysis gives businesses an edge over the competition by arming them with up-to-date information about industry dynamics that help guide informed decision making moving forward.
A market analysis helps a business uncover new opportunities, build better products & services that cater to customer needs. It can be used to optimize pricing models, forecast demand, measure trends in the marketplace or launch effective marketing campaigns. Market analyses also provide insights into what competitors are doing right (or wrong) and help businesses understand how their own offerings stack up against those of other players in the industry. By following these steps you will then be able to map out a strategy for successfully addressing unmet demands within your target markets!
For those looking to learn more about competitor insight, we recommend checking out the following resources:
More Competitor Insight videos coming soon!
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