Editor's Note: This post was originally published in February 2015 and has been updated with additional content in August 2023.
Conducting competitive research and having a detailed competitive analysis performed on your business has become one of the main ways to understand how your company's online presence is performing against others in your industry. In the past, we've talked about what companies can do to gain an edge over their competitors from a content perspective - but what should you be doing if, for whatever reason, you've fallen behind your competitors? Whether it's a lack of time, energy, resources, or something else, when one company gains an edge, another company loses it. In business, there are always setbacks.
One misconception about competition is that people tend to avoid it. However, in reality, competition in business is good for customers and for companies. It benefits customers by keeping prices low and the quality of the products and services high. It also benefits businesses by promoting innovation and improving their overall brand image. Competitor analysis is key to success. Here, we explore the benefits of knowing your competition in business and how this can propel you forward.
So what if your business has lost its competitive edge? And more importantly, how do you get it back? Since every business faces its own set of hurdles, it's not about the setbacks; it's how you trudge ahead and claw your way back to the top - no matter what.