Analysis of competitors is an assessment of the strengths and weaknesses of current and potential competitors. This analysis provides results to address the variables and provides detailed indicators that contribute to describing a general framework for identifying offensive and defensive strategy, and identifying opportunities and threats. As we discussed earlier, analyzing and studying competitors in a professional way allows you to understand basic information about their business activities such as the prices they set for their products, where they find their customers, and how they conduct their promotional campaigns.
Research on the competitive businesses you do to create a competitor's profile helps you discover gaps in the market that your business can fill. For example, if your competitors are not online, you can attract more customers by providing products and services online.
You can create a profile for your competitors by reading and answering the following questions and then creating your competitors' chart:
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Competitor 1 |
Competitor 1 |
Competitor 1 |
Competitor 1 |
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What is the name of the project? |
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Where is the project? |
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How do you evaluate the project location, and why (front, traffic, entry, alignment, other projects)? |
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Number of customers over a specified period of time (can you visit their website to see the answer)? |
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How many employees? |
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How efficient is their staff in performing their assigned functions? |
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Payments for their services and products? |
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What is their refund policy? |
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What is the category you are targeting? |
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How they promote their products? |
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Are they online? |
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What is their competitive advantage? |
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