What’s a Competitive Analysis & How Do You Conduct One? [Answered]
Competitive analysis is a strategy that involves researching major competitors to gain insight into their products, sales, and marketing tactics.
HubSpot contributor Christine White has published an article explaining the competitive analysis and the way to conduct it.
She says, “Competitive market research focuses on finding and comparing key market metrics that help identify differences between your products and services and those of your competitors.
Comprehensive market research helps establish the foundation for an effective sales and marketing strategy that helps your company stand out from the crowd.
Competitive Analysis in Marketing
Every brand can benefit from regular competitor analysis. By performing a competitor analysis, you’ll be able to:
- Identify gaps in the market
- Develop new products and services
- Uncover market trends
- Market and sell more effectively
As you can see, learning any of these four components will lead your brand down the path of achievement.”
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