Frequently Asked Questions about Competitor Analysis
How to perform a data-driven competitor analysis?
The data-driven competitor analysis should start with identifying the key questions an organisation needs to get answered. Once the task is framed correctly, companies can approach data providers to get help in finding the right data points for finding their insights. Using organised databases of company information from data providers enables an easier analysis of competitor’s companies, products, and marketing strategies.
Why is a competitor analysis important?
Understanding the how competitors are dealign with the market dynamics is crucial for laying the ground for any new business, product launch, or key decision in a company’s strategy. A well executed data-driven competitive analysis gives companies plenty of quantitative and qualitative data to back their business decisions