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Is investing in competitor analysis worth It? An overview of the process
Contributor Content If you’re a business owner or aspiring to be one, you’ve likely come across the term “competitor analysis,” also known as competition or competitive analysis. But have you ever paused to consider what this analysis truly entails and why it might be crucial for your brand’s success? Understanding and utilizing competitor analysis tools can unlock […]
Understanding and utilizing competitor analysis tools can unlock insights that go beyond simply knowing who your rivals are; it can reveal the strategies they employ, the gaps in the market, and the opportunities your business can seize to outmaneuver the competition. Additional benefits include knowing how to stand out in your market, recognizing gaps in how the competition solves problems, becoming familiar with industry standards to meet and eventually exceed them, and having a benchmark against which to measure your brand’s growth. Once you understand where you sit in relation to your competition within your industry, it becomes much easier to devise a clear direction for your own company, either by improving the weaker aspects of your brand or highlighting its strengths.
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