By the basic application of the rules, to start a business venture, comparative analysis is eminent. However, the areas of analysis are the key pointers in deciding the focal point and the course of your business. For instance, if your main business deals in selling perfume bottles and your focal point is to achieve business expansion through advertising, your comparative analysis should not merely deal in analyzing your competitor’s business behavior on a whole, but should be concentrated towards understanding your contenders in that particular aspect.
Here are some pointers that can be used while comparing your competition in different areas to know their business performances and compare your standing against them:
The investments that your competition makes: Knowing the investments your clients make on different sections of their business acts as a great revealer, not only in knowing their business worth but also their expansion plans. To understand their budget in advertising domain gives you glimpse of their market strategy and the extent of their market presence. This done, the next step would be a comparative analysis that is sure to gives you an exact estimate of where you stand as against their business. This gives you the basics to decide the path your business growth can take.
The advertising mediums: Analyzing the competitive advertising mediums tells you about their target audience and their line of thought. Studying the psyche of your competition through their business analysis gives you obvious edge above them. Another important gainer in this line is tapping the non-existent medium. If you realize that your competition has neglected a particular medium of advertising, it becomes a point for your potential gain. For instance, if your business deals in conducting business with corporates, you might advertise by giving away corporate gifts along with your introduction letter. This simple technique of giving promotional products makes your business more noticeable over and above the others. Similarly, if your competition refrains from indulging its existing or potential customers by pampering them with some promotional items, you can dedicate a budget for it by giving them your own product free sample as promo items.
With these small tricks learnt by undertaking a comparative analysis with your client, you are sure to attain a vision for your future and expand your business significantly.
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