One of the most important issues that you should focus on when preparing your business plan is making competitor analysis. Competitor analysis is; identifying your competitors and evaluate their strategies and identify their strengths & weaknesses within the sector.
The main reason for analyzing competitors is to determine the way to improve the product or service before entering to the market. Analyzing the current situation of competitors and trying to predict the actions that they will take against new situations. Making these analyzes strengthens your hand in the market and makes you ready for any situation.
What questions should you look for in competition analysis?
-Who are your competitors?
-What products or services do they sell?
-What are market shares?
-What were their past strategies?
-Are they still using the same strategy?
-What are the strategies for advertising?
-How competitive are they?
-What are their strengths and weaknesses? Does it look like yours?
-How do their strategies affect your business?
Competitive analysis will always have an essential place in the marketing and content creation. If you have an idea to skip competitor analysis, you may find it hard to stay competitive. This is means you will have trouble accessing potential users or potential customers. You should do your competitor analysis in the best way you can, and you should set your goals well before you set off.
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