Thank you to CO–U.S. Chamber of Commerce for providing the content on 6 Steps to Performing a Competitive Analysis and How It Can Improve Your Business.
Perform a competitive analysis to understand not only where your business stands, but where the market is headed next.
At times when consumers are keeping a close eye on their discretionary spending, it’s useful to do a competitive analysis to see how you stack up in the market. A competitive analysis can help you refine your marketing, confirm your product pricing, and build brand loyalty with your customers. Here’s how to perform a competitive analysis to see how your business stacks up.
Create a list of your competitors
Start by identifying your direct and indirect competition. Your direct competition is businesses in your immediate area that offer similar products or services. A consumer might consider these companies as a direct substitute to your company.
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CO–by the U.S. Chamber of Commerce.
