The Growth Journey Show

The Importance of competitor analysis for business growth - TGJ 029

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Many businesses that we come across rarely engage in any form of formal competitor analysis. If you're one of them, read on to find out why competitor analysis is an important part of marketing growth strategy.

The inspiration from this post came from recently taking part in the Round The Island Race. This is an annual race around the Isle of Wight in the Solent, with over 1,000 yachts competing. It draws in everyone from professional crews to amateurs looking to take part in the experience of the day.
As an agency we run competitor analysis as part of our strategic work for customers. As we took part in the race I reflected on how regularly we were watching the tactics of other boats.
We looked at how they were catching the wind, setting their sails and selecting their course. While we rarely copied them exactly, it influenced the decisions we made. With the experience of our crew and skipper, it helped us achieve a very respectable 74th out of 1,200 competitors. A great result considering there were a number of professional crews taking part.

If you found the content in this video useful, please subscribe at www.tjgshow.com for more regularly weekly vlogs on important business growth topics like this.

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