How to Use Competitive Analysis for Strategic Planning?
Once you have gathered and analyzed the competitive data, use it to inform your strategic planning:
1. Identify Market Gaps: Look for unmet needs or underserved segments in the market. 2. Differentiate Your Offering: Determine how you can make your product or service stand out from the competition. 3. Adjust Pricing: Consider competitive pricing strategies to make your offering more attractive. 4. Improve Customer Experience: Learn from competitors' strengths and weaknesses to enhance your customer service and engagement. 5. Innovate: Use the insights to drive innovation and stay ahead of the competition.