When it comes to marketing,
many companies make the mistake of trying to reinvent the wheel. They start their marketing campaigns with ideas of the customers they want to target and the needs they want to fill, but they don’t do the competitive research they need to dominate their markets. It's a big mistake, but one you can easily avoid with a little competitive analysis.
Benefits of Competitive Analysis
There are many reasons for competitive analysis: You learn which products your rivals are selling, the pricing strategies they are using and can see how they are targeting new customers. Researching your competition also gives you a better understanding of the market at large. You will see what efforts have worked for your rivals, and which have fallen dead in the water. You get to witness how customers respond to certain themes and language as well. In turn, you can use this information to better target your customers. You also develop an answer to the question of what your customers buy when they don’t go to you first. Over the course of your research, you may uncover a segment that you had overlooked or identify a business practice that your company can adapt to better serve your clients.