Competitive analysis is a critical part of your marketing plan. It’s often good to get an outside perspective, in order to get an unbiased analysis of your business.
- assess the strengths and weaknesses of current and potential competitors
- find ways to use competitor weaknesses to your advantage
- assess your strengths and weaknesses to find areas for improvement
- determine what makes your product or service unique
- gauge current marketing efforts in comparison to direct competitors
- measure ROI for marketing, make adjustments to current strategy for better return