It’s no secret that a well-executed competitor analysis is essential to any company’s success. The process allows you to measure up your competition, and more importantly, determine how you can best compete on your own turf. With a little time and patience, you can get a bird’s eye view of your competitors and learn what you need to know to beat them out of the competition.
Using the appropriate tools and strategies can turn your business into the next high-flying apparel company. Here’s how it works: 1.) Pick a list of your top 5 to 10 direct and indirect competitors (remember to omit the competition from your top tier). 2.) Take notes. 3.) Use the information to create a comparative scorecard of your own. 4.) Use the findings to implement a competitive analysis plan that’s suited to your needs and budget.