Competitor analysis – your secret weapon
Understanding your competitors will help give you an insight into what you think you do well and what you can improve on and to ensure that your place in the market isn’t eroded. Identifying your competition is key to clarifying your understanding of where you sit in the market, whether there are any gaps between what you and your competitors offer and whether there’s the potential for growth areas.
- Research, research, research
Collecting as much information a possible from your competition all adds to the weapons in your armoury. So gather together their leaflets, follow them on social media, browse their website, download their newsletters and book an eye exam at their practice to really gain an insight into what they do.
2. Review the information
Once you have completed your information-gathering exercise, take the time to review your findings. How active are they on social media? How modern and effective is their website? How does their location compare? What is their customer service like? And their product offering? Are there any features for any of the above points that they do that you don’t?
3. What now?
You have all the information – now is the time to establish a list of action points. What do they do well that you don’t and vice versa? How do they promote themselves? Are they more or less active on social media than you? What can you learn from them?
Working through a competitor analysis can identify gaps in the market that you could fill and clarify the direction you want to take your business. For more information and to download a tool to work through in more detail visit our website