understanding how to map your competition can help you compare your business with others. competition mapping, or competitive analysis, is a visualization tool used to analyze an organization's competitors. preventing unexpected occurrences: a competition map can help you identify potential issues within your own company and make adjustments to prevent unexpected situations. to create a competition map, select a specific area of focus, such as social media or ease of product usage. for instance, if you are reviewing social media, look to see how often your competitor posts updates and what kinds of posts they make on social media to see if they align with that company's target audience. understanding the areas where your company excels can help shape your brand voice and message to best reach your target audience.

in this guide, we’ll outline the steps for a competitive analysis and explain how you can use this marketing strategy to improve your business. the purpose of this type of analysis is to get a competitive advantage in the market and improve your business strategy. the next step in your analysis involves a comparison of your product to your competitors’ products. competitive intelligence will make up a significant part of your competitor analysis framework, but once you’ve gathered your information, you can turn the focus back to your company.

a company weakness is any resource or process that your business lacks, but needs to succeed. the purpose of performing a swot analysis on your business is to bring to light the positive forces already at work and to identify areas for improvement. it’s also helpful to understand that some so called weaknesses can be natural and necessary trade-offs of your operational strategies. if your business doesn’t generate enough monthly cash inflow to overcome your costs, making a profit can be a major uphill climb. if you can’t show a healthy, consistent cash flow, your business is not going to qualify for a loan and potential investors will look elsewhere. this can be especially concerning if you want to build your brand on the basis of high quality. outdated technology is a common cause of quality issues. finding funding sources can be a challenge, but it’s necessary if you’re going to keep your business afloat, relevant and ultimately successful.

competitive positioning is about defining how you’ll “differentiate” your offering and create value for your market. when your market clearly sees how your offering is different from that of your competition, it’s easier to influence the market and win mindshare. herringer’s method for delivering value is operational excellence; it’s a key driver of their long-term strategy, and their positioning reflects it. they know what their competitors are doing and are completely focused on staying one step ahead in order to capture a greater share of their market. it’s part of their strategy, which makes it easier for them to win a position in their respective markets.

in this guide, we’ll outline the steps for a competitive analysis and explain how you can use this marketing strategy to improve your business. the purpose of this type of analysis is to get a competitive advantage in the market and improve your business strategy. the next step in your analysis involves a comparison of your product to your competitors’ products. competitive intelligence will make up a significant part of your competitor analysis framework, but once you’ve gathered your information, you can turn the focus back to your company.