Whether your starting or growing your business, you should always stay up to date on what your competition is doing. Researching your competition will help you better understand why customers choose to buy from you or your competitors. Overall, this will help you improve your marketing and systems.

Continuing to research your competition and making the necessary changes to your business will help you establish benchmarks. Having benchmarks allows you to review and measure the growth you have made. These benchmarks can help you identify and fill in crucial gaps that you never realized you were missing. Without these markers you could just miss the mark on gaining the clients that you want.

Some key insights of conducting a competitors analysis:

-product type/knowledge

-service variety

-pricing

Competitive assessments give brands the ability to see where their competitors stand and how to stay on-trend. 

Some questions to ask yourself while conducting a competitor analysis:

-Does your company provide services or products that the competition doesn't?

-How can you attract clients with what your rivals don't have?

-Does your company offer faster timelines than your competitors?

Something to take into consideration is checking out your competitors negative customer feedback. With this you will be able to see where your rivals just fall short. Recent research has shown that 89% of customers will switch to a rival brand if they're not satisfied with the experience they were given. 

Key takeaway: research your competitors to better your business.