[vc_row][vc_column][vc_column_text]As a small business owner, you probably have mixed feelings about conducting a formal competitor sales analysis. You already generally know who your competitors are, and you’re likely aware of how their value proposition compares to yours. Is it worth the time and energy necessary to conduct a formal competitor sales analysis — and then applying those findings to your business? Absolutely.
Why conduct a competitor analysis? It provides an immense amount of value to your business. It lets you learn from competitors and helps ensure you’re perceived as an innovation leader. Let’s say you’re working on rolling out a new customer portal, product tweak, or service line. If your competitor comes out with a similar product first, this intel gives you a chance to tweak your offering to differentiate it and keep your edge in the market.
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