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Competitive Analysis – SWOT

Really Know the Competition: Competitive Analysis & SWOT Studies Arm You with Decision-Making Information.

Competitive Analysis is an in-depth study to identify competitors and do detailed research on the products they offer, their sales channels, how and where they market, pricing models they use, their brand strategy and more. With a quality study, you can identify potential opportunities, understand underserved markets, recognize industry trends and discover points of differentiation between you and the competition that can give you a competitive edge. A thorough Competitive analysis can also include a pricing study to quantify competitor price points and help you determine your brand position in a given marketplace. Sum up the study with a SWOT Analysis to understand your company’s Strengths and Weaknesses, recognize potential Opportunities and understand Threats to your business and market share. A thorough Competitive Analysis helps you understand and define your value proposition and strengthens your position against competitors.

Who Should Conduct Competitive Analysis Research.

Established businesses should always be keeping an eye on their competition, but it’s important to periodically do an in-depth Competitive Analysis to really understand changes in your competitive marketplace. The newer or more volatile a market is, the more frequently one should formally assess the competition.
Startups. Before starting a new business, you should absolutely invest the time and energy to do your homework by conducting an in-depth Competitive Analysis. You need to know the facts about your competition and the market(s) you’re thinking of entering before you invest in a new business startup.
Companies looking to expand into new markets already know how tough it can be to get established in a new market, and nothing replaces a detailed Competitive Analysis to understand the market(s) you think you’d like to enter before you actually pull the trigger.

Third Party Objectivity and Expertise.

There is an art beyond the expertise involved in conducting quality Competitive Analysis studies. Few businesses have the time and skillsets to do an intense in-depth study on their own, so it’s a wise move to bring in an expert, someone who understands business, sales and marketing and has the experience, resources and know-how to do the job well. Most importantly, a third party expert brings objectivity to the research that you simple cannot have – whether you recognize it or not, you have biases about how great you think your product or service is.

Missouri Enterprise’s Marketing Research experts have the years of experience and knowledge you need when conducting Competitive Analysis, plus the outside eyes objectivity projects like this demand. Contact your Area Business Manager to learn more about how Missouri Enterprise can help.