How Competitor Audits are Imperative for Business Success
Competition is an inevitable part of the business world, for businesses of any size. It is not a necessary evil, but rather an important part of the business ecosystem. In fact, competition can be an effective tool for growing and improving your business.
Have you ever thought that marketing your business would be easier without competitors? The truth is that most of us have thought that way. Whilst you shouldn’t be fixated on your competitors, you can’t afford to ignore them.
How you would stack up to your own major competitor?
In a recent article by Business Insider, an investigative team decided to compare the food from two of the biggest bulk retail chains in the country: Costco and Sam’s Club. Both had nearly identical set-ups and price points, but Costco’s larger selection and shockingly good quality won out in the end. They compared every fine detail from produce quality to restaurant setup and pricing comparisons. While this article was insightful for the readers debating on where to go for their Friday work lunch, it is also an invaluable piece of research not to be overlooked by both parties involved in the comparison study.
Competitive Intelligence from BARE International
Every business plan needs to include information on competitive analysis. BARE International’s Competitor Analysis helps you get accurate, valuable, and up-to- date data to analyze your products/services and of your direct competitors to gain a business advantage.
The common, and #1 reason, why companies invest in competitor analysis is to assess the strengths and weaknesses of competitors using real-time data. We find the answers to important questions such as ‘What does the competition have on their list and what are their prices?’ and ‘What are the competitor’s weak points that customers are frustrated with?‘
Our competitor shops (mystery visits/ phone calls/ website visits) compile this data for you enabling you to identify and prepare for new competitive threats, stay on top of industry trends, find new sources of revenue, and improve your pricing strategies. Not only can the data we produce open your eyes to new consumer demands and preferences, it can also help you:
- Understand specifically what your competitive advantages are
- Understand the specifics of the marketplace where you hold that advantage
- Target your efforts on that marketplace, which should increase your return on your marketing investment and increase your sales yield
- Avoid becoming a commodity
- Get clarity on who your competitors really are
- Design your communications plan to maximize your advantages
Although it can be scary, embracing competition in business may be one of the best moves you can make. Nonetheless, no need to worry because help is right here. Get in touch with us today to understand more about competitive analysis from BARE International. We look forward to helping you stay ahead of the game.
