Find Your Pot Of Gold With Competitor Analysis

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One area that can be overlooked with small business marketing is competitor analysis.

It may not be the sexiest activity of marketing, but if you find a difference that you can exploit then you may have just found your pot of gold to increase sales and grow your business.

Often the reason why competitor analysis is not undertaken is the difficulty to know where to start or what to look at. I have compiled a simple analysis checklist that you can use and don’t forget to include your brand in the analysis.

Tips

Just choose your top 2-4 competitors and you can do the analysis over time. Look at the areas that differentiate your business from your competitors, especially their weaknesses. You may have many similarities but it may be the 1 or 2 differences that make your brand or business more appealing to your target market.

Also make sure the differences are importance to your customers and not just what you think may be important or significant.

Once you have completed this and discovered your pot of gold, you can put in place actions to make your brand stronger and more successful.