Competitive Analysis: What Does it Involve?

Definition and explanation

Competitive analysis in business involves identifying and evaluating the strengths and weaknesses of rival companies within a particular industry. It involves analyzing their pricing strategy, marketing tactics, product offerings, and market share. This information is then used to inform a company's own strategy and improve their competitive position within the industry.

Why it matters in sales

In the hyper-competitive landscape of sales, it pays to know your enemies as well as you know your friends. That's where Competitive Analysis comes in - it's the ultimate spy game for businesses and a chance to glean insights into your rivals' tactics, strengths and weaknesses. By understanding the market and your competition, you can tailor your approach to optimize your competitive edge and stay ahead of the game. It's like having a crystal ball that shows you what's working for others, so you can steal the best ideas and make them your own.

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