In this video, learn how to determine the appropriate timing for competitive analysis.
- There are some who think a competitive analysis … is just a quick Google search of competitors. … You check out a page of search results, … and you're done. … Far more goes into a competitive analysis, … and the timing is just as important … as the information you uncover. … Still, a competitive analysis is not a single exercise … that happens once a year. … So when do you know it's time to dive deeper … into the world of your competitors? … Here are a few situations that require you … to dig deep into the competition. … First, when you're creating your business plan. … Every business has competitors, … competitive analysis as a part of your business planning … is a way to assure that your business will survive … and thrive competitively in the market … because you're focused on the current competitors … and your potential competition too. … Second, when you're working on your marketing plan. … This application of the competitive analysis … is the most well-known. … Marketers are fully aware that an essential part …
- Explain the benefits of a competitive analysis.
- List three elements to include in a competitor profile.
- Recognize the biggest challenge when researching your own strengths and weaknesses.
- Recall the advantage of knowing your competitor’s strategies.
- Identify three elements included in competitor research analysis.
- Define the elements that make up the SOAR framework.