If you want your company to thrive in the face of competition, consider doing SWOT competitor analysis, since it is a sustainable solution that works. This effective tool can help you get ahead of your competition. What’s more, it’s multifaceted, meaning you can apply it to most business models, including your sanitation company.
One of the highlights of SWOT analysis is assessing your competitors’ business strategies. The feedback you get can be instrumental in growing your business. This technique assists you to identify the strengths of your business strategy and build on them. Once you realize what works for your company, go ahead and refine it for better results.
Every business leader needs to adapt to the ever-changing business environment. However, it is difficult to adjust if you do not study the transformative innovations within your industry. The good news is that business owners, managers, and leaders can leverage competitor SWOT analysis to grow their enterprises.
In this article, we will help you understand the ins and outs of competitor SWOT analysis. Besides that, we will show you how you can apply this technique to your sanitation company and get meaningful results.
What Is a SWOT Competitor Analysis?
SWOT analysis, as we covered last week, is a tool that business owners use to evaluate the competitiveness of their enterprise. When it comes to the strategic planning of a business, this framework is invaluable. A SWOT analysis of your competitors covers both internal and external factors. It also assesses their current position as well as their potential in the future.
How a SWOT Competitor Analysis Can Help You Grow Your Sanitation Business
1. SWOT analysis helps to identify your competitors.
In business, your competitors affect your company directly and indirectly. If you want to grow your business, you should start by identifying your competition. Here are the categories of competitors that your sanitation company may face.
- Direct competitors: Offer goods and services that are similar to what your company offers.
- Indirect competitors: Operate in the same territory as your sanitation company but offer somewhat different products or services.
- Substitute competitors: Offer alternative services or products to the same market segment that you serve.
Once you identify all the players targeting your market segment, you can find ways to gain an advantage over them.
2. SWOT enables you to collect direct information from your competitors.
Direct competitors can impede your business growth. These are the players you want to keep an eye on constantly. You can research them in person or online. A competitor SWOT analysis not only tells you who they are, but also what they are doing differently from you. It helps you outline their strengths and weaknesses. Once you gather this information, you can figure out how your company can effectively compete against them.
Knowing your competitor’s market reputation is imperative. SWOT analysis assists you in finding out what they are reputable for. Once you know that, you have a valuable clue about their strengths. Further, you want to evaluate their pricing. Is it better than yours? What can you do to offer a competitive price on the market? These details come in handy when you are strategizing.
It is paramount to assess their market position as well as their branding. Such information can help you determine whether they have a better selling point than yours. Also, these details can help you revamp your branding and grow your sales.
3. SWOT lets you identify competitors’ strengths and weaknesses.
If you’d like to discover your competitor’s strengths and weaknesses, ask yourself the following questions:
- What are your competitors doing better than you?
- Do they have a better advertising strategy?
- Are their prices higher than yours?
If you can answer these questions, you can adjust your sanitation company strategies to adapt better and cancel out competitors’ strengths.
4. SWOT engages your competitors directly.
Talking to your competitors is not strange because competing companies sometimes cooperate. For instance, your competitors will be happy to refer customers to you if they don’t offer what you offer. However, to do that, they must trust you. You should also extend such favors whenever the opportunity arises. Building this type of relationship aids in your business growth.
Your competition may try to lower their prices and lure your customers. However, for steady business growth, you should be ready for such eventualities. Ensure you have a plan to counter such developments.
5. SWOT allows you to identify your competitive advantage.
Do you know your competitive edge over competitors? If not, a competitor SWOT analysis will reveal it and also spot areas to work on to enhance your competitiveness. This could be pricing, quality, or even location. For example, if your prices are better, you can use this advantage to increase your sales.
A competitor SWOT analysis can make a huge difference to your business growth. It can help you generate ideas to counter your competitors’ business strategy and thrive. The ultimate goal is to ensure that they do not get ahead of you. If they do, this could mean that you will lose some of your customers or market share and revenue. In addition, a business that cannot compete will not grow.
Beat the Competition and Grow Your Sanitation Business
Now that you know how you can use competitor SWOT analysis to grow your business, do not hesitate to implement it. If you do not get ahead of your competition, they will lead, and you will follow. Contact us today, and we will help you execute your competitor SWOT analysis effectively.