How to use competitive analysis to find a market advantage?
Shraddha Sawhney
Economist | Market Research | Policy Advocacy | Government Affairs | Marketing Strategy | Brand Strategy | Social Media Marketing | Business Consulting | Content Writing | Profile Building
Competitive analysis helps you learn from businesses competing for your potential customers. This is key to defining a competitive edge that creates sustainable revenue.
Your competitive analysis should identify your competition by product line or service and market segment. Assess the following characteristics of the competitive landscape:
Several industries might be competing to serve the same market you’re targeting. The use of Porter's Five Forces is one way you can differentiate your competitive analysis by industry. Important factors to consider include level of competition, threat of new competitors or services, and the effect of suppliers and customers on price.
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6 个月?? Understanding our competitors can pave the way for a unique advantage in the market. Thank you for shedding light on the importance of competitive analysis, Shraddha Sawhney.