How to Conduct Business Competitive Analysis – Episode #68

by Richard Wilson on July 28, 2011

In the following video borrowed from our BusinessTraining.com platform that was originally recorded for our business development training program.  In this video we cover competitive intelligence and how it plays a vital role in delivering a unique value proposition to your clients. This may sound like business 101 information but the reality is that most of your competitors are not taking the time it takes to really understand what the marketplace looks like from your competitors point of view.

Video Transcript/Summary: The strategies and tips provided within this video module include:

  1. You can use public records to gather information on your competition without breaking the law
  2. Try to make all decisions based on confirmed facts instead of assumptions
  3. Forms of competitive analysis include industry analysis, environmental trends, economic trends, political trends, global trends, technology developments, regulatory and compliance trends, and the evolution of parallel or history marketplaces or business industries.
  4. Try using government records, press releases, publicly available websites, consumer groups, interviews, walk or drive by note taking in person, or publicly available directories of information on industry players such as investment analyst reports.  

Whether you are looking to launch or take your business from $1M-50M+ in revenue these practices can help you get it done more effectively.

Thanks for joining us, and I will see you again soon,

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