Most business people conduct a SWOT Analysis (Strengths, Weaknesses, Opportunities and Threats) on their business at least once a year. Yes, I said once a year, not just every now and then!
However, to be successful in business, it’s also wise to conduct a SWOT Analysis on your top three competitors.
It just makes sense to understand what the purchase journey is for your potential customers in deciding whether to buy from you or other businesses. The only way to get that understanding is to see what your competitors offer, and to look at them not from your point of view, but from your potential customers’ points of view. That means being objective and honest about you and your competition.
So, I want you to become Johnny or Jill the Journalist — put on your investigative hat, and do some sleuthing. Below are 11 research tips that you should conduct at least once a year on your top three competitors:
Hey! Don’t forget to come and see me on the Seminar stage. Come armed with pen and paper and an idea who your top two competitors are and a good idea who your customers are. I will walk you through a mini-workshop to help you find your competitive edge. And, don’t forget to visit the Round Table Stage where I’ll be talking about a variety of Marketing techniques.