Analyzing your competition is just as important as analyzing your own company when crafting a marketing strategy. Competitors can come from anywhere, including companies you sell or buy from, substitutes, and new entrants. Collecting competitive intelligence is easier now with companies that scour the web.
It's important to not just passively analyze the competition, but to actively play out a game in your mind to see where it leads. Consider the competitor's ability and motivation, and make assumptions to see if your analysis is robust.
Doing dynamic competitive analysis can provide insights that can be used in marketing. It's important to not just take a static approach, but to actively consider the competition and how they may respond to your moves.
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Strategic Advantage Through Competitive Intelligence and Analysis
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