How do you analyze competition?

[Nomad]

Whether you are trying to launch your new business or are already running a business, it is very important to analyze your competitors in order to become successful. That's because running a business means a continuous learning process and when you analyze your competitors, you will earn from what others are doing. By the way, how do you analyze your competitors, what methods do you use?

 

[eLdavis]

For me I simply studied how they operate. The methods they used in advertising their business, and the process they went through to get the attention of their clients. There are times I even asked some of them some questions.

 

[King Belieal]

I analyse competition by actually buying their products to examine the quality. And also, reading revenues about my competitors to know their strengths and their weaknesses.

 

[Suba]

My business doesn't require complex analysis, my business is in the food sector, in my area I don't find the same type of product, so I don't need to analyze very tight competition like online businesses, what I always consider is the price and quality that will be offered to customer.