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Competitor analysis is important because there are big industry slips, so the ones you saw as your competitors yesterday may not be your competitors today. Therefore, it creates good value to get an overview of the main competitors in order for you to position yourself in the best possible way. It is no use that you as a company do not stand out – because why should you shop?
A competitor analysis should focus on the factors you have identified among your customers as the most important for their purchase. For example, it may be
The important thing is therefore that you start by identifying the factors that are purchasing for your customers and then you relate to how your score is on those factors in relation to your competitors' scores. From here you can deduce your opportunities and threats that you can use in your further strategy work.
A competitor analysis should not only be prepared so that you can then tick the check mark by now it is completed. Together with your other strategy material, it must be translated into concrete actions . An easy and simple approach is to use MakeMyStrategy™ as structures and summarize all your work into one comprehensive and coordinated action plan.
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Karen Mørkholt
Ceo
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