UN­DER­STAND COM­PETI­TORS

CityPress - - Business -

Part of busi­ness anal­y­sis is un­der­stand­ing your com­pe­ti­tion – its strengths and weak­nesses. Though do­ing a SWOT anal­y­sis on your com­pe­ti­tion can be chal­leng­ing, as the in­for­ma­tion is not al­ways avail­able, Lewis says there are a few things one can an­a­lyse to help you un­der­stand your com­peti­tor:

Have a look at what they are com­mu­ni­cat­ing to their cus­tomers through their mar­ket­ing and pro­mo­tion ma­te­rial.

Un­der­stand what their key strengths are by hav­ing a con­ver­sa­tion with their cus­tomers, es­pe­cially to de­ci­pher their value propo­si­tion.

You have to un­der­stand their weak­nesses. If you look at chal­lenges within your field, un­der­stand how you mit­i­gate th­ese. If your com­peti­tors are sim­i­lar to your busi­ness, you can pre­dict the ef­fect chal­lenges have on you will mir­ror what they ex­pe­ri­ence.

If you con­verse with their regular cus­tomers, you will un­der­stand the op­por­tu­ni­ties and gaps they leave to ex­ploit.

Un­der­stand what they do well and see if you have a cor­re­spond­ing weak­ness. This con­sti­tutes a threat to your mar­ket share. This is the op­por­tu­nity for you make the nec­es­sary ad­just­ments.

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