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Conducting this type of analysis means that you gain information on rival businesses in the industry. It tells you things like how they're using their websites and social media pages to attract customers or the quality and success of their products and services. So whether it's a retail store, hotel, or even a coffee shop, conduct a competitive analysis so that you'll learn everything that you need to about them.
The first step when doing any competitive analysis is for you to know who your competitors are. This means that you need to identify which ones are a present threat to your business and which ones have the potential to become one. Be sure to write down their complete names, and if you like, you can arrange them based on who you have to prioritize acquiring information on.
You must understand what it is that your competition is doing right. This will help you see if whether or not your business has the same strengths or if there are ways for you to acquire those same strengths. So what is it about them that makes them so great? Is it their products? The quality of their customer service? Make sure to figure all of their strengths out so that you include them in the document.
If they're doing things right, then they're also probably doing wrong things. You need to figure out what it is that they're having difficulty with or what mistakes they are making that you can capitalize on. Gaining all of this information can tell you if these weaknesses are present in your business or help you come up with prevention methods to ensure that they won't be a problem for you.
Now, take note of precisely what it is that your competitors are doing to help them succeed. Try to see how they advertise their products and/or services and what methods they use to attract and retain their customer base. Make sure that whatever details you manage to learn are accurate.
When you're done, use whatever it is that you have managed to figure out and apply this to improve your business. See if there are any strengths that you can take advantage of or if there are areas of opportunity that you can take that your competitors have not. Perform a thorough analysis of your own business so that you'll have an easier time during the comparison.
Once you have acquired all of the information you need, you still have to collate and write the document. It's best to use Google Docs as it has all the tools and options that will allow you to make your competitive analysis document. Also, the fact that you can access it via any web browser and everything is saved automatically is extremely convenient and beneficial on your end.