For companies to remain relevant in today’s increasingly dynamic and competitive business environment, stakeholders must understand and keep track of their competition. Competition analysis and intelligence enable businesses to consistently gain useful insights into the market around them, helping them to better align themselves with their goals and objectives. Following are some of the things that can be accomplished through competition analysis.

Benchmark Business Position and Progress

Besides data posted by a company, it can be difficult for a business to gauge its position and products in relation to competitors and their products. Competitive intelligence enables businesses to compare their products with competitors based on a set of metrics such as selling price, product quality, and ratings and reviews to provide a comprehensive view of how a company ranks in the market.

Future-Proof Strategy

Over time, consistently collecting and analyzing competitive data allows companies to learn from the past, as well as position themselves for growth and future challenges. Data collection enables businesses to identify trends and patterns in their competitor’s strategy which allows them to forecast more accurately and implement strategies to support future changes.

Gain a Deeper Understanding of Buyer Motivation

Analyzing information about competitors’ products allows businesses to gain a deeper understanding of what motivates prospects and buyers to purchase products. Leveraging competition analysis and intelligence, companies can eliminate any biases they may have and identify what needs to change about their own brand or products. For instance, a company could realize it needs to improve its product messaging.