Since the dawn of Darwinism, we have been sizing up our competition. To best navigate our own resources and survival, we see what those before us and around us do. Then, we have more confidence and information to create the ideal move. In business planning and development, competitor analysis is an invaluable tool for success. Here are 4 Bargain Business Plan tips to effective competitor analysis
What is Competitor Analysis & is it Important?
The power of a competitor or market analysis holds is in how it’s used. When done correctly, the information obtained from thorough market research helps your business discover weaknesses and opportunities. Here’s what to include in your business planning to get a head start on becoming an authority in your field.
Know Your Market
Even if you think you know all there is to your market, insight into your competitors will shine a new light. Understanding the direction of your market is a benefit to and the first step of your competitor analysis. Information to gather includes:
- Estimate market value
- Research surveys and questionnaires
- Hire a professional market analyst
Target Audience Insight
Find out exactly who your competitors are. But, before you obsess over their approach, put your energy to their audience. They are your target, while your competitors are just a means. Discover how they respond to your competitor’s offers. What works? What doesn’t? Learning from your competitor’s mistakes saves you time and money.
S.W.O.T is the most important takeaway from this brief endeavor. It is used by the experts at Business Bargain Plans, but it can be applied to all parts of business planning and competitor analysis. Here is what to consider when reviewing your market research:
S- Strengths: Identify your competitor’s strengths to understand their impact
W-Weaknesses: Minimise weaknesses in the market’s approach.
O-Opportunity: Seizes opportunities with a creative USP.
T- Threats: Counteract threats using strategic planning against external factors.
You don’t have to be a pro to gather information on your competitors. But, if you want to make the biggest impact possible, BBP includes market research in their customized business plans. Get yours, today!