Why your Business Should Conduct a Competitor Analysis

Whether you’re starting a brand-new service-based business, or are wanting to ramp things up, a competitor analysis can be essential to your success. Why? A competitor analysis is something that can help you get a far better understanding of the strengths and weaknesses of your competitors in relation to yours, as well as help you develop a marketing strategy to assist in gaining competitor advantage.

Here are a few things to help solidify that a competitor analysis could do your business some good!

1. It will help you build a better understanding of how your business stacks up against your competition
2. It will give insight into what your company’s unique value proposition is and could be
3. It will be a basis for creative an effective marketing strategy
4. It can help guide you in how to pursue target customers in new markets you have yet to tap into
5. It will give you a good sense of how your current and potential customers perceive your competition

What insights will a competitor analysis give you?

 

1. How to advertise
2. How to promote your services
3. Which exact services to emphasize in your marketing efforts
4. How to refine your target market
5. Which value propositions to promote first and above the rest

Now that you’ve got the knowledge, it’s time to conduct a competitor analysis and market your business! Head to gumtree.co.za or your Gumtree app (click for Apple & Android).