How to effectively assess your competitors to stay ahead?

Competitors can be direct or indirect and exist at individual or organizational level. To stay ahead the game, try 3 competitor analysis strategies to progressively assess competitors anywhere anytime:

1. Social listening. There’s A TON of public information you can parse and assess. Just interpret them in context, e.g. a strong FB presence is not the same as on IG.
2. Interact with the competitor. It can be their product, service or the person. Then compare your experience with that of customers and partners, make it several to minimize confirmation bias. Vendors can be helpful with your competitor analysis because they usually service multiple businesses and are perceptive.
3. New players in the game emerge all the time. Identify emerging competitors – perhaps you can partner with them to neutralize direct competition!

SEE ALSO:

How to pivot after your strategic planning projections missed the mark?

How to validate data to make strategic decisions?

How to hone problem-solving skills outside of the workplace?

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