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Competitive Market Analysis
Purpose:
- Learn who your competitors are and how they work
- Learn what differentiates you from others in the market
- Make possible adjustments to pricing, value propositions, or service offerings
Procedure:
- Find a copy of your latest local yellow pages directory
- Make an outline of all of the “major competitors” in the area
- Look at each major competitor’s ad-document information found in each ad (ie. Special services, licensing, warranties, length of time in business, etc.)
- Prepare a list of basic questions that will help you learn more about each of these businesses (have a couple of projects as if you’re a prospective client-mystery shopping)
- Call each company and ask them your list of questions
- Document findings on each company
- Write up a summary of the findings from your research including what the others in the market have to offer and what differentiates you from others
- Share the results with everyone on your team
- Repeat every six months