How do you analyse your competitors?

Identify your competitors. This includes both direct and indirect competitors. Direct competitors are those who offer the same or similar products or services as you. Indirect competitors offer products or services that are substitutes for yours.

It is important to track your competitors' changes over time so that you can stay ahead of the curve. This includes monitoring their new products or services, pricing changes, marketing campaigns, and sales tactics.

One of my favorite ways to get insights into our competitors and what they're doing is to hop into a product demo with someone on their sales team. It's a great way to see what they're doing, how their product works, and where they're planning to expand!

To analyze your competitors, follow these steps: identify them, gather information from various sources including online tools, analyze their strengths and weaknesses, compare your business to theirs, and develop a plan to improve your competitive advantage. Pay attention to their products/services, pricing, marketing strategies, customer service, and reputation. Use this information to identify areas for improvement in your own business and stay competitive in the industry.