How do you conduct a competitive analysis without spending too much time or money?

My work with professional services firms means competitive analysis is largely subjective. Prospects can't easily assess a competitor's experience, processes, and expertise, so I assume claims are all true. Firms attract better clients when they focus on client fit, so I focus the bulk of my analysis on competitor positioning. - Where is each firm focused? - Is the messaging client-oriented or vendor-oriented? - Is it clear? - What types of clients is each competitor likely to attract? This keeps the spotlight on future best clients. It's unlikely competitive firms have the same focus and passion, so a firm can concentrate on clients rather than being distracted by competitors.

I like to look at direct competitors, aspirational competitors, large and small competitors as well as companies who are targeting the same audience. I use tools like * SEMRush, SimilarWeb - web traffic sources, site volume, key words, etc * etailinsights/LinkedIn - estimated revenue, leadership team, team make up (for example, does your direct competitor have a UX team in-house, a large eCommerce team, a social media team) * Jungle Scount/Amazon - even if you're not selling on Amazon, it's a great place to get data on who has sales, how they are positioning their products, estimated volumes, etc * Online Reviews - I look to see what others are saying about each competitor.

Gather data from the actual user experience - this is referring to the invite/incentives to start as a prospect, move through the funnel and sign up and use/consume the product/service. This places you in the "voice of the customer" and you can accelerate the right features/functions for your upcoming developments with data that is a great addition to the broader metrics in the market, press or analytics.

I used to think tracking competition was too expensive and time-consuming. But then, I learned that listening in on earning calls and tracking press releases and announcements could reveal invaluable insights. ???? At my previous company, we had a dedicated team of analysts who helped us get ahead. Using this approach, we analyzed a competitor's M&A history and discovered how they built capabilities and what their next big move might be. ???? #competitveanalysis #businessgrowth #successmindset"

In my experience when it comes to strategically allocating resources in order to receive the best results possible from a competitive analysis, cost effective communication should be a major factor in considerations. Communication of the analysis results is key to maximizing resources and making progress towards objectives. Determining which channels will yield the most cost-effective yet efficient way to communicate your findings, such as through webinars or emails, provides a basis for cost calculations when figuring out an overall resource allocation strategy. With cost effective communication as an integral part in any particular power move allocation model employed by leaders, success is likely achieved sooner rather than later.