How to Conduct Competitor Research?

[Suba]

Whatever business we run, we will always encounter many competitors, meaning other business people who offer the same or similar products. So we as business people need to do competitor research to find out the weaknesses of competitors' products and also implement the right sales strategy. For this we need to know how to conduct competitor research as follows:
1. Set Goals
2. Choose Your Competitors
3. Try to Sort Potential Threats
4. Determine the method of analysis
5. Implement it in Business Strategy

 

[King Belieal]

You would have to understand the modus operandi of your competitor and what sets it apart. Counter that with your own offerings and see your business compete very well against the competition.

 

[Augusta]

Your tips are apt
it is for one to choose the Competitors then see where you can compete favourably . Adopt the strategies if you can and Implement it in your business