“Ignoring the competition is a form of myopia that will eventually make you blind,” is a phrase that business school students all over the world learn. This proverb emphasizes the importance of competitive analysis in evaluating a company’s activity. Indeed, any company that wants to develop must perceive its competitors’ moves. What are their current projects, development strategies, upcoming products or services, and more?

Analyze Competitors

Your customers don’t make transactions with just one business that sells the same products and services. Furthermore, they won’t be exposed to just your company with all of your competitors fighting for their attention.

To stay ahead of the competition, it’s vital to track your competition on a regular basis. The only issue is, it almost seems like an endless sea of businesses and services that you’ll have to sift through. How do you know where to start? First, you need to find who is worth monitoring and who isn’t.

Secondly, there are several available tools to examine competitors, one of which is strategic watch. This method indicates that a company acknowledges the competitors’ activities by analyzing data collected via the internet, social networks, or any form of existing documentation on competitors, such as sector studies and annual reports. This information will allow the company to know competitors’ projects in the short, medium, and long term—and their potential response in the event of a strategic attack on an element of the marketing mix. A strategic watch enables firms to avoid being surprised by a competitor’s innovation and trailing behind in the market.

In addition to that method, firms can use the technology watch to stay abreast of new technologies in the sector. Thus, this tool can apply these technologies to its existing product or services or create an entirely new offer to have an advantage over the competition or catch up with the competition.

Regardless of the type of monitoring chosen, several advanced competition monitoring software is available to businesses that provide reliable information. Some of these tools not only collect the data but can analyze it as well, which are all easily accessible through search engines such as Google, Bing, etc.

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