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Bite-Size Chunks of Wisdom

6 Smart Business Reasons to Run a Competitive Analysis

Posted by Jackie Nagel, Synnovatia

competitive analysis resized 600We live in unprecedented economic times.  There is little room for a smart business to error – yours or your clients. To be the provider of choice for your clients – and capture those precious dollars – it’s crucial for you to stand out among the crowd. There is where a thorough competitive analysis helps you shine.

Done right, a competitive analysis provides insight into vital information to help your business:

Be Seen: A clear impassioned statement of the product or service mix you offer, as demonstrated by your value proposition, makes it easier for clients to find you.

Be Different: With all the competition, your clients are going to select the products or services that are clear and easy to understand.  When given several choices, knowing what you delivery and how you’re different from others in your field, makes it easier for clients to choose you.

Be Known: Your market position makes it simple for clients to find and hire you once they hear and understand your reputation.

Be Relevant: With the business continually changing, clients needs and desires change, too. Products and/or services must be continually developed or realigned to prevent obsolescence and remain relevant to the needs and desires of your clients.

Be Tuned-In:  When you’re tuned-in to your clients and are able to speak directly to their needs, you build trust and credibility which makes it painless for client to hire you.

Be Strong: Once a client has found you, makes sure you’re easy to do business with by having your internal operations strong and running smoothly.  Make it easy for clients to hire you – and stay with you for an extended period.

Conducting a competitive analysis is not for the faint of heart, yet it’s one of the beneficial pieces of business development for your business to remain a vital player in your industry.

Ready to get analyzing? Download Stand Out in a Crowd: The Entrepreneurs Guide to a Competitive Analysis here.

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Tags: Growth Strategies Best Practices Client Acquisition Marketing

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