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It’s a critical team effort to determine the best place to win. Before you begin looking at which marketsegments or verticals your sales reps should be focused on, consider why those segments need your solution in the first place. Market shifts like this present new growth segments for your sales team to target.
It involves a deep exploration of businesses operating in the same marketsegment, with the intention of maintaining or acquiring more market share. Doing a competitor analysis helps your brand understand how it compares to its peers: pinpointing strengths, weaknesses, opportunities, and threats (SWOT analysis).
For example, marketers may use newfound data to optimize marketing strategies for a competitive edge, learn more about their audience, and define key performance indicators (KPIs) to improve activities in a marketsegment. Though both are key to developing a winningmarket strategy, neither process is interchangeable.
Conducting a broad competitor analysis might help you see brands, products or services that are able to steal a chunk of your market share. Gather information on your competitors Once you have identified your competitors, gather information on their products, services, pricing, marketing strategies, and customer experience.
Conducting a broad competitor analysis might help you see brands, products or services that are able to steal a chunk of your market share. Gather information on your competitors Once you have identified your competitors, gather information on their products, services, pricing, marketing strategies, and customer experience.
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