Surveying the Competitive Landscape: A Competitive Analysis Checklist
Are you thinking about adjusting your retail pricing? Introducing a new product? Shortening your turnaround times? Before you proceed on any one of these important marketing strategies — which will also directly impact your financials — it’s critical to create an in-depth analysis of your competition. Sound like a daunting task? It can be but the pay-offs are considerable. All online businesses must differentiate themselves to drive more traffic to their website. For example, if your competitive analysis indicates that your turnaround times are no better or worse than everyone else, then it’s time to either move onto another stage of your research or focus on the necessary improvements to lead the pack. (more…)