Why Competitor Analysis Helps View Your Market in a Different Light

Why Competitor Analysis helps view your market in a different light

Often the best way to conduct a Competitor Analysis is to look at your competitors from a different viewpoint. In this article, we suggest why Competitor Analysis helps view your market in a different light.

Identifying your competitors isn’t as simple as looking down a list you found on Google. You see, it’s not just about your current competitors but future ones too. Look at your competitors from the point of view of the customer.

New entries into your market

Look for startups in your sector. The disruptors or wannabe disruptors. What do they think of their competitors? Do they know anything about their competitors? And do they consider the usual suspects as competitors? Do they see you as a threat? If not, why not? Also, find what attracted them to your market in the first place. Is it something you are missing?

What do they think of themselves?

Now take some time to determine how they think they look when they see themselves. What do they really think about what they are good at? Why do they think they are the best in the business? Indeed do they think they are the best in the industry? Look to see if there is anything of substance that could back up their claims. 

You have looked at your current and future competitors. And seen how your competitors view themselves. It’s time to look at yourself. 

How do your competitors compare to your own company? What do you do differently to them? Is there a specific reason why that’s the case? Analyse their strengths and weaknesses and compare them with yours. Is there anything we can learn from watching them? Strengths you can exploit and drawbacks you can make the most of?

Potential customers

Taking a look at them from a potential customers point of view. And that of your own customers looking at them. Try to look at their main strengths and weaknesses. And how do their salespeople describe their offering to one of your customers? That’s the first part of the SWOT analysis, of course. Try and think like your customer and ask yourself why they would move to their offering. What will attract them? Are together products and services top-notch? Or is their customer service aftercare excellent?

Either of these sorts of things is their real strength. It is compelling and insightful putting yourself in your customer’s shoes. Think why you would go to them instead of coming to you.

Conclusion

Why Competitor Analysis helps view your market in a different light

So as you can see, the best way to do Competitor Analysis is to look at it from different viewpoints. This article was called why Competitor Analysis helps view your market in a different light. We suggested looking at a couple of views. From a potential customers view, startups to how they see themselves.

Art by: instagram.com/allenycai/

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