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Not only can you learn best practices from competitors, but you can also learn to avoid the mistakes they make."Keeping track of who your competitors are, what people are saying about them, and what they are saying themselves can help you differentiate your business and stay ahead of trends that could impact your business," says Michele Levy, an independent brand strategy consultant.
"Staying smart on the competitive landscape helps you make very practical decisions around product development, pricing, promotions, messaging, as well as where you fit in the brand landscape."This guide will help you understand how your business can benefit from competitive research, how to conduct competitive research, and which sources you will find most productive.
Understanding the competition is a crucial business activity for any entrepreneur or business executive.
Some companies hire professionals to track competitors and assess the competitive landscape on a regular basis.
You would also have a constant stream of data in the firm, and managers may listen more to an insider than an outsider.
The challenge is that gathering competitive intelligence is a skill and you would either have to develop the talent on your own staff or hire it from somewhere else, he says.
This material has been published in The Regionalisation of Competition Law and Policy within the ASEAN Economic Community edited by Burton Ong. This version is free to view and download for personal use only. Frédéric Jenny has made an outstanding contribution to the economic understanding of competition laws around the world for more than 25 years.
Published for executives, researchers and scholars alike, the Journal aids the application of empirical research to practical situations and theoretical findings to the reality of the business world.
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"Most every company gathers competitive intelligence, even though they may not define it as such.
We're all aware of the business environment we're selling into, how our operations are functioning, where we can sell in the future, our profitable areas." Conducting Competitive Research: Getting Started The first decision you need to make about competitive research is whether to gather it in-house or go outside and hire a professional firm or consultant.