Competitor analysis is a process of identifying and assessing the strengths and weaknesses of your competitors in order to gain a competitive advantage. The goal of competitor analysis is to understand your competitors’ strategies and how they are planning to grow their business.
Analyzing your competitors' strengths and weaknesses in order to identify your own competitive advantage is the process of competitor analysis.
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Identify Your Competitors
Find out who your competitors are as a first step. This can be accomplished by performing market research or by employing technologies for market intelligence.
Assess Strengths and Weaknesses
Analyzing their financial statements, client testimonials, website traffic, and other data are effective ways to do this.
Competitive Advantage
Improved products or services, a more effective business model, or improved customer service are all ways to achieve this.
Competitor analysis is the process of evaluating the strengths and weaknesses of your competitors in order to determine your own competitive advantage.
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