Find out who your competitors are in your company’s market area and get as much information about them as possible. You can search information on the company’s website, annual report, financial statements, and public customer feedback.
Use the information you have collected as basis for assessing your competitors. Find our issues such as their market position, strengths and weaknesses, financial and other resources, and marketing approaches. Also get to know their service selection, product features, price level, service quality, and security of supply.
Reflect the assessments and observations you have made on your competitors with your own company. Aim to find a niche in the market for your company and target your business accordingly. Try and find ways that sets you apart from other companies and makes customers choose your company instead of your competitors.
You can find help for preparing a competitor analysis from your regional business development company, business consultants, and business advisors. You may have to pay for the services. You can also commission the analysis, for instance, from a business student working on their final thesis.