Becoming a member of a competitor’s mailing list to receive promotional material and updates on new products and pricing is a quick and easy source of information.
The information gathered about competitors might not seem like much when looked at separately, but when viewed as a whole, it can be mosaic-like in what it reveals about your competition.
A business plan can be as simple as a few notes scrawled on a paper napkin, or it can be a 40-page document with multiple sections and subsections describing every minute detail of a company’s operations, products and finances.
Writing an effective business plan is easier if you take time before starting the writing process to conduct your research and gather the information you will need to incorporate into it.
This gives you the chance to evaluate your competitor’s sales process while you are acquiring the product to test.
By using the product, you can compare features on the competitor’s product with those of your own product.Before you can begin writing your business planning roadmap, you need reliable information about your industry, your competitors, your product and your customers for inclusion in it.An industry analysis, competitor analysis, product feature comparison and market research will give you the information you need.Financing, marketing strategy and future growth all require a well-researched and thought out business plan.There are many articles and resources available on the Internet explaining how to write a business plan, but writing a business plan is more than merely following a business plan template or copying someone’s business plan examples.When used as part of the process of creating an easy business plan, product features comparison data can provide information that is critical to making marketing decisions.The first thing you should do is purchase or acquire your competitor’s product.A competitor analysis offers a detailed profile of each competitor along with an analysis of marketing strategies that can be used to counter position your company to improve market share or profitability.Information for a competitor analysis is available from a number of sources including news stories and press releases, advertising, company websites, promotional campaigns, patent and copyright applications, price lists and, in the case of publicly traded companies, annual reports and SEC filings.You will obtain sufficient information on your industry from the five forces analysis to formulate long- and short-term strategies to incorporate into your business plan.A business plan for startup companies will benefit from an industry analysis that provides ownership with information to make decisions and formulate policy in certain key areas.