A competitive analysis is a strategy that involves researching major competitors to gain insight into their products, sales, and marketing tactics. This process helps in implementing stronger business strategies, defending against competitors, and capturing market share.
To conduct an effective competitive analysis, follow these steps:
Competitive analysis and market analysis are two distinct yet complementary approaches to understanding a business's position in the market. While competitive analysis focuses on researching major competitors to gain insights into their products, sales, and marketing tactics, market analysis involves a broader examination of market metrics, trends, and customer needs to distinguish and leverage a business's unique offerings.
Regular competitive analysis offers numerous benefits for businesses, including:
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