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Competitive analysis is the heart of every successful business. You need to know your biggest competitors and how your company actually performs in correlation with them if you want always to be one step ahead of the competition.Because of that, we have developed a competitive analysis template as a competitor analysis tool to help you define your position regarding your three biggest competitors. Canadian mattress-in-a-box brand Endy, which will be launching a marketing initiative this month that we’ll be reporting on, is another competitor that also boasts exceptionally high ratings from its customers. Various other brands continue to enter the market, such as Leesa and Tuft & Needle, with more brands seemingly coming online every week. Michael Porter’s five forces of competition can be used to examine and analyze the competitive structure of an industry by looking at 5 forces of competition that influence and shape profit potential. Furthermore, Porter’s five forces of competition have become a central concept to business theory. Looking for Business-in-a-Box alternatives? Analyze a range of top Document Management software that offer similar benefits at competitive prices. Empower your team by choosing the best Business-in-a-Box competitor that meets your unique business requirements.
Growing your business without understanding your competitors is risky. Market research can prepare you for changing markets and prevent your business being left behind by the competition.
Conduct market research
Market research involves collecting and analysing information about your market, including your customers and competitors. It is vital to research any new market you are moving into to avoid wasting time and money on failed projects.
There are 3 main ways to conduct market research:
- desk research — using existing information from the internet and industry associations
- field research — gathering the information yourself using surveys, questionnaires and other research tools
- commercial agencies — hiring external organisations that carry out the research for you.
Learn more about researching your market.
Assess what competitors offer
Researching your competitors is easier than it may seem — for example, you can simply collect any flyers and price lists they produce for customers, read their online material, or even buy their products and services to compare them with your own.
Analyse what they do better than you:
- Are their prices lower?
- Are their products of a higher quality?
- Is their customer service highly regarded?
- Is their marketing material more engaging?
Ask yourself these questions to see where you can improve. Being critical of your own business and taking inspiration from your competitors can help you be more competitive.
Undertake a competitor profile.
SWOT analysis
A SWOT analysis can be a useful way to assess where you stand in your market in relation to your competitors. It is a common and easily used business analysis tool. A SWOT analysis can help you to:
Business In A Box Competitors 2020
- build on strengths (S)
- minimise weaknesses (W)
- seize opportunities (O)
- counteract threats (T).
Also consider...
- Learn about how to understand your competitive advantage.
- Conduct customer research to make sure you know who is buying your goods or services.
- Find out about research resources for business and industry.
- Use our free market research kit to further understand your competitors.
- Last reviewed: 17 Jul 2017
- Last updated: 27 May 2020
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Business In A Box Competitors Magazine
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