The nature of competition is to win and knowing with whom to compete gives an edge in the constant race for leadership. Research on competitors reasonably can be called as a guide through your market environment, meaning to see where is the pitfall and where is the opportunity. One of the biggest advantages of this type of research is the answer who are actually your competitors. The factor which is often incorrectly understood, by mixing direct and indirect competitors.
Winning this competition means to build your strengths and overcome the weaknesses of your surrounding.
Ways to use
– As a tool to get an insight of how the clients, yours and others, evaluate the market players
– Find out competitors strengths and weaknesses to build winning proposal
– As a source of information to develop an effective marketing strategy
– As a mean to find a market niche
– Build your unique value proposition
– Define or to create your competitive advantage
– Evaluate your product and pricing etc