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This will help you successfully complete your business goals by boosting conversions and increasing sales. Step 6: Monitor and Update Although a competitive analysis report ends with developing your business strategies based on your competitor’s analysis, you will need to continuously monitor your competitors and market trends.
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.
Established competitor analysis frameworks include: SWOT Analysis – An analysis of your competitors’ strengths, weaknesses, opportunities, and threats. This helps in understanding a competitor’s overall strategic position and potential areas for growth or risk.
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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