Why should a business conduct competitive analysis?
Poor firms ignore their competitors; average firms copy their competitors; winning firms lead their competitors. –Philip Kotler
This wonderful quote by marketing Guru Philip Kotler says it all. Gathering competitive intelligence has always been a serious marketing tactic, only it has evolved over time. The whole process is an opportunity to peek on your competitors marketing strategy, their strength and weakness so you can leverage it and come up with a better and improved plan.
There are a number of marketing tools out there which can help you scoop out the information about what your rival is doing exactly and this post lists 19 most popular of those. [Read more…]