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Competitive Analysis
Who are your competitors? Identify who your competitors are, in the local market, as well as in the ecommerce market. You will want to identify the direct competitors, meaning those who provide the same product or service to the same set of customers. You may also want to identify indirect competitors, those who provide alternatives to the product or service you offer. Which customer needs are you competing to meet? Identify what you are providing or what needs you are going to be meeting for your customers. It is imperative to know what needs you are filling, so that as you compete for them, you can do so with accuracy. What similarities and differences are there in your products or services and your competitors? In other words, break down the pros and cons of each product or service. Where do you take the lead? Where do they? This includes quality, price, materials, etc. You can't tell your customers how you are different or better if you don't know, so buy their product or service so you can do a proper comparison. What ways are you going to compete? Part of your competitive analysis is determining how you can align your strengths with your opportunities. Once you determine what your competitive advantages are, you will want to use them to capitalize on opportunities, you will gain far more of the existing market share. It takes some research and time to do a proper competitive analysis, but when complete, it will give you a clear picture of the market environment, and help you to make a plan that addresses all of the potential problems you may face, reach customers faster, and address their needs more completely, in order to gain a wider customer base, and improve existing customer relationships. |
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