Someone who says they will buy a product and someone who does are very different; one shows general interest, the other is a customer.
To strengthen the success of your product, competitive analysis is used to identify competitors in your market and analyze their strategies.
Analyzing competition with competitor analysis tools is important to shape your own business approach and help your business without hindering progress.
SWOT analysis not only organizes information & data but also uncovers competitive advantages that a business can use to gain leverage over its competitors.
Understanding the advantages of SWOT analysis is similar to picking the biggest kid in a tug of war. To come out as a winner, you need the right tools.
The importance of SWOT analysis is so big that you cannot afford to ignore it when moving into a new area and you want to learn more of your competition.
In marketing competitor analysis, you assess the strengths and weaknesses of your rivals and it is a critical part of your own marketing strategy.