What Is a Competitive Analysis?
A competitive analysis is a type of analysis that helps you acquire information on any of your competitors in the industry. Essentially, it can help you figure out things like what products they sell or even how they manage their websites and social media pages. So whether you're in charge of a coffee shop, restaurant, or even a retail store, know that you'll need to conduct a competitive analysis if you want to keep your business alive.
How to Create a Competitive Analysis in Apple Pages
1. Take Note of Your Competition
What you need to do first is to make a list of the businesses that you consider as a threat to your own. Whether they are large corporations, small businesses, or even bustling startups, it is important to list down the ones who already have a control on the industry or ones with the potential of being serious competition. Write down the complete names of each one and organize it in a manner showing who you should prioritize during the analysis process.
2. Study the Industry
Although you may already know who you are going up against, you also need to look into the industry you're in to see if there's still anything to gain from it. Look into everything from the areas of opportunity that have yet to be taken advantage of and determine whether or not there is still room for businesses to grow.
3. Learn About Your Competitors' Strengths and Weaknesses
Remember that the more you understand your competitors, the better you can figure out ways to gain the edge against them. Start by looking into their strengths. What is it that they're doing to continuously attract their current and new customers? Learning this might help you see if you have similar strengths or if you can capitalize on using the same strategies that work for them. As for their weaknesses, you basically have to look into what it is that they are doing wrong. One way to do this is by going through reviews that customers leave about them and what they have to offer. It should tell you what you need to avoid doing or if you have any similar weaknesses that you need to change right away.
4. Compare What You Have Learned to Your Own Business
This is as simple as gathering all of the data that you have managed to collect and utilizing the results of your analysis to see where your business stands. It can help you make important decisions such as taking advantage of opportunities that may have seemed too risky before or coming up with new marketing strategies to attract more customers.
5. Use Apple Pages to Make the Document
If you're a Mac user, then Apple Pages is definitely the program of choice. Utilize the tool and whatever options it has available to help you create a professional and organized competitive analysis document. Just be sure to learn how to properly format everything so that readers will have an easy time understanding and going through what you've written.