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Uncover Hidden Insights with Competitive Analysis
The Benefits of Competitive Analysis
Analyzing your performance compared to key competitors will help to uncover whether growth in a particular area is likely to continue or if it’s wise to shift your strategy given a change in market dynamics.
Competing can be expensive and sometimes exiting lower-margin markets can pay off just as much as entering them. You must monitor your return on investment when running competitive campaigns.
I help clients dissect their competitors’ marketing strategies, product offerings, and target markets to empower them with the information they need to be uniquely positioned in their industry.
By taking the time to evaluate the strategies used by your competitors, you’ll gain valuable insight that can elevate your own strategy and scale your revenue.
Gaining an Edge in Your Marketplace
By taking time to assess your competition, you can develop the perfect plan for propelling your business ahead. Crafting a value proposition that closely reflects current market trends and sets you apart from alternative options is essential for achieving success in today’s competitive environment.
Elevate Your Sales Strategy and Marketing Messaging
A SWOT analysis of your competitors also plays a role in informing the design of your marketing messaging to ensure it is truly unique.
By understanding the strengths and weaknesses of your competitors, you are able to sets yourself apart more tangibly from your competition.
Key Takeaways
- 96% of small and mid-sized businesses have not conducted a thorough competitive analysis
- The wrong strategy in a crowded or selective market can be disastrous
- A competitive SWOT is the first step in creating a strategy to outsell your competition
- Competitive insights can open new opportunities while avoiding costly mistakes
- To ensure your market positioning is truly unique, you need to validate the strengths and weaknesses of your competition
Be careful to recognize that completing a competitive SWOT is just one of the fundamentals necessary to fuel sales success.
Invest a few minutes to take my Sales Agility Assessment to gain a report on how your current state compares to a high-performance sales department.
It’s filled with tips on how to optimize your sales environment based on your unique responses, making the report individualized and insightful!
Dan Mahony
President
I am part of a national group of Senior Sales Leaders who collaborate to share insights like the examples shown in this article. We formed because of our shared passion to help business leaders exponentially grow their revenue.
