Why is competitor research so important?

Competitor ResearchWhether you are a micro-business, long established organisation or just someone with the beginnings of a great concept, it is essential that you have a clear understanding of what your competitors are doing.

The term competitor research can often conjure up notions of espionage but the fact is, it should form a core practice of any business. Assessing and having a good handle on who your competitors are, what value they provide and understanding their strengths and weaknesses allows you to pin-point your current standing in the market and future direction.

Unless you are marketing something so niche it’s unheard of you have to accept other companies out there are offering a similar product or service as you. So how do you gain the edge?

You need to become better informed about your competitors, to coin a phrase ‘knowledge is power’. Learn from their mistakes, replicate their successes and importantly have as much information as possible to be able to formulate your future plans.

Competitor research is fast becoming one of the most popular project requests I am given by clients. Firstly illustrating that there’s a high chance your competitors are already analyzing you but also that the task can be outsourced. So before you put your head in your hands and wonder how you will ever find the time for yet another item on the ‘to do’ list, get in touch with me sarah@sapphire-tree.com.

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