Imagine stepping into a boxing ring without knowing your opponent’s strengths and weaknesses. That’s essentially what you’re doing if you’re not performing competitor analysis. To excel in the present-day B2B landscape, businesses of all sizes, from startups to Fortune 500 companies, rely on competitive research. Without it, you’re losing out on new opportunities & potential customers.
To help you make competitor analysis an effective part of your business growth strategy, we are covering the following critical aspects in detail here:
What is competitive analysis/research?
Competitive analysis or research is the process of identifying, assessing, and comparing your direct & indirect competitors, their business strategies, and how they are achieving success in your niche. The process helps you to better understand your position in the market and develop strategies to stand out.
Benefits of B2B competitor analysis
Competitive analysis is essential for all businesses, regardless of size or stage of growth. For new businesses, it is a critical step in developing a business plan and launching a successful product or service. For established businesses, it can be a valuable tool for evaluating their performance and identifying areas for improvement.
A thorough competitor analysis can help businesses identify:
- Market trends
- New & missing opportunities
- Key competitors & their strengths and weaknesses
- Competitors’ unique value propositions
- Their target audience’s needs & pain points
This information allows businesses to:
- Identify and avoid the mistakes their competitors are making
- Set realistic goals as per market conditions
- Improve their offerings, marketing & sales strategies, and more
- Fulfill the needs of their target audience that competitors are unable to meet
How can businesses conduct competitor analysis in the most effective manner?
To effectively conduct competitor research and collect vital data for analysis, you need a strategic approach. Here is a well-defined process to help you get started.