gives you the opportunity to discover customer needs and expectations that no one has yet met. For example, if you notice that your competitors have a problem with customer service, you can focus on this aspect in your offer to gain an advantage.
Third, knowing what your competitors are doing helps you avoid mistakes and optimize your marketing efforts. You know which tactics worked and which ones didn’t, which allows you to better allocate your budget and time.
In short, competitive intelligence is more than just studying your hong kong telegram data rivals – it’s a tool that gives you the knowledge you need to make informed decisions. In a dynamic and competitive business environment, not having competitive intelligence is like running a business with your eyes closed.
How to Conduct a Competitive Analysis – Step by StepCompetition identification
The first step in competitive research is to determine who you’re actually competing with in the marketplace. To do this, it’s a good idea to divide your competitors into three groups:
Direct competition – companies offering products or services similar to yours and aimed at the same target group.
Indirect competition – entities that offer alternative solutions, meeting the same customer needs but in a different way.
Potential competition – new companies, products or services that may appear on the market and change its dynamics.
You can identify your competition using tools such as search engines, social media, marketing research, and analytical platforms such as SimilarWeb, SEMrush, and Ahrefs. It’s also worth reading customer reviews and industry reports to gain a more complete picture of the market.