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Marketing teams can refine strategies, product teams can innovate, and sales teams can better position their offerings. By understanding your rivals' strengths and weaknesses, you can identify opportunities for innovation, defend your market position, and strategically plan your next move.
By knowing where your competitors sit within this categorical matrix, you can predict their future trajectory. By tracking your competition’s influencer marketing campaigns, you can uncover significant differences between your brand and theirs, making this a crucial aspect of your competitive analysis.
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This requires evaluating competitors’ strategies; identifying strengths, weaknesses, and opportunities; and leveraging insights from the competitive market analysis team or similar teams within the organization. For example, metrics for a CRM system might include customer upsell or retention, sales cycle time, and lead conversion rates.
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