7 Steps to Gain an Advantage over Your Competition

How to create a functional and high-value proposition for your consumers in digital media?

Start by analyzing your competitors. In other words, identify what they are doing well, what they are doing wrong, and how you will learn from their successes and mistakes to gain a competitive advantage over them. Doing this will also help you stay updated on market trends, as you will learn about best practices and get a sense of where your competitors’ strategies are heading.

Conducting a competitive analysis allows you to identify the following:

  • Who you are competing against;
  • Relevant internal data about your company;
  • Where you stand in the market;
  • Different improvement opportunities.

A well-developed analysis will help you better understand your competitors’ situation and capitalize on the areas of opportunity you identify in relation to their strengths and weaknesses. Once you have identified these points, you can find a niche opportunity to create or redefine your value proposition to the consumer.

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