If you’re gearing up for an athletic competition, your training regimen is directly proportional to who you’re competing against.

You really don’t want to work harder than you have to, right? Well, the same idea applies to your business. Certainly, if you’re running a for-profit business, you’re competing to win.

Scaling your business requires you to be constantly adaptive and open to learn. Learning about your competitor will broaden your knowledge base on target audience and industry thus helping you refine your business & communication strategy. This further adds on to your USP and helps you distinguish business from competitors, improve your processes, and navigate through market challenges.

– Pinpoint the benchmarks you need to improve

A strong competitive analysis helps you recognise the ways you can enhance your own business strategy. If your products are similar, how are theirs better? How are they worse? If your products are identical, what ways do they add value for customers?

You can better understand your own limitations or deficiencies that can cost you potential sales. By evaluating what your competitors sell, you identify market gaps and tailor your products or services to fill the gaps and build a new customer base. This in turn helps you work out ways you can out-do your competitors and keep your customer attention. Resulting in a competitive edge over others in your sector.

– In addition to tracking your competitors’ moves, you can anticipate them, too

Evaluating your competition further sharpens your competitive anticipation expertise, thereby allowing you to re-evaluate your business strategy and strengths relative to the competition and influence future decisions. Through in-depth analysis, leaders can ensure that their near-term strategy aligns well with their team’s strengths and out do the competition’s next move.

Keep researching your new competitors along with the products/services they are focusing on. The world is competitive and in order to make your business survive in the long run you’ll have to Innovate, Improvise, Adapt and Overcome.