Effective analysis of competitors involves several steps: 1. Identify Key Competitors: Determine who your direct and indirect competitors are. 2. SWOT Analysis: Conduct a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis to understand competitors' strengths and weaknesses. 3. Market Research: Use market research tools to gather data on competitors' market share, customer base, and product offerings. 4. Benchmarking: Compare your company's performance metrics with competitors to identify areas for improvement.
By implementing these strategies, leaders can gain valuable insights into their competitive landscape.