If you use social media, whether Twitter or Facebook, then you know the name Buzzfeed and have likely stumbled across one of their many viral articles. This company beats its competing publishers not just because of their engaging content, but also by implementing underlying technology that enables the company's tech team to better understand what gets read and how it's share. Recently, they've shared one of their tools that could also help your company: POUND.
Competitive analysis is defined as “identifying your competitors and evaluating their strategies to determine strength and weaknesses relative to your own product or service.” Competitive analysis is a crucial part of both your business plan and your marketing strategy. Understanding your competition can help you gain valuable insights into the strengths and weaknesses of your own business.
In today’s marketplace, especially in light of the current challenging business climate, standing out from your competitors and developing your brand identity is more important than ever before. By examining your competitor’s product or service, profitability, marketing, sales, and organizational structure, you can turn inward and take a closer look at yourself. This is the time to make note of how you’re different and why consumers should choose you over your competitors.