A methodical approach to locating and researching your rivals is referred to as a competitive landscape analysis. You conduct an in-depth investigation into their product development, sales, marketing, and other crucial operations. Instead of guessing why you are underperforming, you can develop counterstrategies based on accurate and reliable data with the help of the analysis.
Five critical topics should be included in a competitive landscape analysis:
The products and services, strengths and weaknesses of your competitors, as well as the strategies they are employing to achieve their goals and the overall market outlook, can all be gleaned from a competitive landscape analysis. This applies to startups of all sizes as well as established giants in the industry. A great way to improve your own is to learn how your rivals expand their bottom lines.
The importance of conducting a competitive landscape analysis indicates the possible future course of your company. It provides a short-term strategy for the necessary next steps. You can learn more about your potential customers and how to better reach them by conducting a methodical survey of their activities.
By studying the competition, you can also get a better idea of your company’s unique value proposition (UVP). You can concentrate on the extraordinary features that set your business apart by knowing your UVP. These things set you apart from your rivals or set you apart from them.
Successful businesses are aware of the significance of competitive landscape analysis. Ninety percent of Fortune 500 companies conduct competitive research. Sixty-nine percent of businesses that outsource their competitive intelligence efforts have reported positive outcomes. Any business can reap the benefits of this helpful practice with a solid plan and the right tools. Start by following these steps.
4.Steps to take when conducting a competitive landscape analysis:
- Get organized
- Identify your rivals
- Evaluate their pricing and offerings;
- Determine their positioning