In today’s highly competitive marketplace, entrepreneurs face extreme pressure to outperform the competition. Everything from the products you sell to the prices you charge to how much you spend on office supplies is shaped — in one way or another — by how your competitors are doing these things. A business that falls out of touch with the competition is not in business for very long.
Here’s how to perform some basic competitive analysis on the other companies in your sector:
Use Their Products or Services
The best competitive analysis is not sitting pre-packaged in a newspaper or trade journal. If you want true, detailed, first-hand knowledge of how your competitors operate, you need to experience it for yourself. One way of doing this is to actually use their products or services.