For optimal results, competitor analysis should be a continuous and structured process. According to Day and Reibstein (1997), good competitive intelligence should integrate several phases of analysis, from the identification of competitors to the evaluation of their strategy and online presence.
1. Identifying competitors
The first step is to make a comprehensive list of direct and indirect competitors. This can be done using market reports, business directories or through direct market observation.
2. Gathering basic information
It is essential to gather key information about competitors, such as revenue, products, prices and distribution channels. This phase allows for building a detailed profile of each competitor (Porter, 1980).
3. Market analysis and online presence
Evaluating the market context in which competitors operate and their online presence, including their websites and social uruguay phone number library media profiles, provides insight into how they interact with their customers and manage their reputation (Chaffey & Ellis-Chadwick, 2019).
4. SWOT analysis
This analysis allows to evaluate the strengths, weaknesses, opportunities and threats of competitors, which is essential to understand their capabilities and limitations (Johnson et al., 2008).
Direct comparisons
A direct comparison between your company’s key features and those of your competitors helps you identify areas of excellence and how to create a whatsapp survey to improve your sales points for improvement. According to Grant (2016), companies that closely monitor these indicators are more likely to develop a sustainable competitive advantage.
Advantages of a cg leads competitive surveillance department
Having a department specializing in competitive intelligence allows companies to maintain a clear and up-to-date view of the competitive environment. According to Gilad (2004), competitive surveillance improves strategic decision-making and helps identify new opportunities.
Up-to-date market knowledge
A specialized department provides real-time information on market dynamics and competitors’ actions, helping companies react quickly and effectively.
Proactive strategy development: Competitive intelligence allows companies to be more proactive rather than reactive, identifying emerging trends and developing strategies that stay ahead of the competition (Aaker, 2014).