Did you just see that computer repair company do that? If not, there’s a possibility that you’re lacking a competitive analysis. “What’s that,” you ask. Well, it’s basically digging up the dirt on your competition so to say.

What is a competitive analysis?

Simply put, this is something that’s done in order to understand how your competitors do business and how they gain new customers. This is simply one of the most important parts of business in my opinion. The reason for this is that I truly feel that if I’m unaware of what my competition is doing, I’m in the dark and limiting my success.

 How do I do a competitive analysis?

Keep in mind, I’m not going to give away all of my secrets here. Not because I’m in competition with you, because I’m not and if I was I still wouldn’t really care, That’s not the point, the point is that in order to become successful you have to be self-driven instead of relying on copying what someone else is doing.

However, here’s a few things off of the top of my head that you can ask yourself. This should actually get on the right road to coming up with a helpful competitive analysis.

• What services does my competitor offer?
• What prices do they charge?
• How do they provide their services?
• How are they advertising their services?

Sorry that it was a bit brief, but I warned you. If you still want more info, think about it like this. If I was a customer and went to Company A, what would I expect and how would they treat me?

A Competitive Analysis Is A Priceless Tool To Have On Your Side

When you actually take the time to analyze your competition and document your findings, you know what you need to do as a company in order to top their offerings. This will help you have an upper edge on them as a lot of smaller companies especially forget to constantly do a competitive analysis.

The main reason is that they get too comfortable for success. They may or may not have been doing business for years and they think their customers will be there with them until the day they die.

When someone wise comes in to play ball, things can get pretty shooken up. That is if you do business as you would play a game of chess. With logic.