In an increasingly competitive world, it’s important to take steps to ensure your brand will stand out from others. One way to do this, is to engage in competitor analysis, which involves keeping a close eye on similar brands and what they do to engage their audience.
It’s vital that you monitor competitors’ activity, even if it’s only for half an hour a day. This will help you identify their strengths and weaknesses and understand where there is a gap in the market. So, it will essentially allow you to develop a Unique Selling Point for your brand and find effective ways to change and adapt your business strategy.
If you’re not sure where to start, here are three ways to conduct competitor research: