Competition analysis is an integral part of any business. Although we are mostly not happy with our rivals, we have to admit that they can be very useful. From your main competitors, you can learn valuable information and receive insights to understand in which direction you need to move your business to grow rapidly.
Competitive market analysis is research that provides information about your competitors’ strengths and weaknesses, competitive advantages market strategies, performance, and other information to supply you with valuable insights to create a winning business strategy.
It’s recommended for each business to do competitor analysis regularly at least once in a half a year period. In a very dynamic industry like tech and IT – at least once in 2-3 months.
Business Intelligence (BI) has created for you a universal competitor research guide and template that you can apply to YOUR business. To conduct a competitive market analysis, you will need to follow 6 simple steps:
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