The value of competitive landscape analysis Malaysia Phone Number List A competitive landscape analysis sets the course for where your business is going in the future. In the short term, it lays out a plan for the next steps required. By conducting a methodical Malaysia Phone Number List survey of competitor activity, you can learn more about who your potential customers are and how to better reach them. Researching the competition can also help you gain a clearer picture of a company's unique value proposition (UVP) . Knowing your UVP allows you to focus on the extraordinary Malaysia Phone Number List qualities that make your business stand out. These are things you do better or differently than your competitors. The value of competitive landscape analysis is well known to successful businesses.
About 90% of Fortune 500 companies engage Malaysia Phone Number List in competitive analysis. Of the companies that outsourced their competitive intelligence operations, 69% reported overall positive results from doing so . With a solid plan and the right Malaysia Phone Number List tools, any business can begin to reap the rewards of this useful practice. Here's how to get started. 8 Steps to Create a Competitive Landscape Analysis 1. Get organized Competitive Landscape Analysis Example Large amounts of raw data won't yield many insights if unorganized or structured. The first step is to Malaysia Phone Number List create a tool to organize your data. Create spreadsheets or matrices that can be updated, sorted, and shared. Having a way to visualize the data is also very helpful.
You'll end up with a ton of different information Malaysia Phone Number List and data points to document, but you can list and categorize known competitors to get started. 2. Identify your competitors Who are your competitors? How should you classify them? You can probably Malaysia Phone Number List answer the first question right away, but you shouldn't limit yourself to researching the most obvious competition. Start with a list of ten competitors and divide them into three categories: primary, secondary, and tertiary . The primary category is for your direct competitors Malaysia Phone Number List companies offering essentially the same product or service as yours. Secondary competitors are similar, but not identical. Companies that sell product versions with different features or market to different groups of people will be your secondary competitors.