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How Often Do You Perform A Competitor Analysis?
In the senior care industry, companies are constantly merging, changing and popping up. Analyzing your competition is crucial to being successful in this ever-changing market.
Not only do you have to look at your competitors' strengths and weaknesses, you also have to compare them to your own. When doing so, you're looking for the competitive edge you currently have or will have in order to stand out among the rest.
Now that you know you should be analyzing your competition, it's important to know how frequently to do this.
We asked our network how often do you perform a competitor analysis?
Respondents were able to choose from the following:
- Monthly
- Quarterly
- Annually
- I don’t perform a competitor analysis
Through our results, 48% of respondents perform a competitor analysis quarterly, followed by 27% annually and 15% monthly.
The more often you analyze the competition, the more in tune you'll be with your status. Like we stated above, the landscape of the senior care industry is dynamic. If you go the annual route, you might not be as aware of your competition. If you go the monthly route, you might not be giving your efforts enough time to see how they stack up to your competitors'.
That's why going back to the drawing board every three months is optimal.
Here are some questions to ask yourself when performing a competitor analysis:
- Who is my competition?
- What consumer is my competition targeting? Who are they targeting in their marketing efforts? Who is my target audience? Is there an untapped market that I can reach?
- What are the current trends in the market? How would this affect my company?
- What are the threats and opportunities in the industry that could affect my company?
- What are my competition's strengths and weaknesses? What are my company's strengths and weaknesses? How are they better than my company?
Capturing this research will help you exploit your competition's weaknesses and ultimately help you build on your strengths.
Participate in the next poll by joining our Facebook Group for Eldercare Professionals and sign up to receive our weekly B2B e-newsletter.
Have a burning question you want to share with other eldercare professionals? Comment it below for a chance to be featured in our next B2B poll!