6 Ways to Get Actionable Business Insights by Analyzing Your Competition

Identify Your Competitors

Examine Their Service and Product Development Cycle

Analyze the Workforce of Your Direct Competitors

  • Hiring processes
  • HR operations
  • Potential pivoting strategies
  • Investors
  • M&As, etc.

Examine Their Product/Service Delivery

  • The way your competition is assisting their consumers with product/service selection — how they use case studies, content, videos, descriptions, imagery, testimonials; what data they provide about their service.
  • Their pricing plans, transaction process, order placements, etc.
  • How they provide their services or products to their clients/customers; how they manage physical delivery (if relevant); how they manage their customer support (do they outsource it or have an in-house team).
  • How they induce upsell, cross-sells, do they have referral programs, etc.
  • How they collect and use customer feedback…

Find Out Where Your Competitors are Failing

  • If their clients have complained, but the response never came. This can help you improve your own customer service.
  • If there have been misunderstandings or miscommunications with their product or service. This can help you advertise and describe your product in a better and more transparent way.
  • If their quality control failed with their own or third-party products. Helpful for your own offer tailoring and quality control improvement.
  • If the consumers are consistently complaining about a specific feature or a lack thereof. This can be a great opportunity for you to fill that content/feature gap.

Mitigate the Pitfalls of the Competitor Analysis Process

Over to You

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