We’ve written on the SiteSeer blog before about how to study your competition during the site selection process. It’s an entire section within our Site Selection 101 ebook and something we always encourage clients to keep in mind, whether they are a chain of restaurants, retail stores, entertainment venues or health care clinics.
Why is studying your competition so vital? There are many reasons, but here are a few of the most important:
- Few businesses know exactly (and entirely) who their competition is, yet it is foolish to assume you don’t have any. Sometimes, your competition might do something a little different than you but still take business from you. You need to know this.
- When it comes to site selection, a perfect location might not be so perfect if you disregard a competitor.
- Not analyzing your competition can lead to overestimating your business’s potential.
- Analyzing your customers (demand) without also analyzing competitors (supply) is a big risk.
We’re digging deep into competitive analysis on March 2, 2023
Now that you understand the importance of understanding your competition, you probably want to know how you go about this type of analysis.
Your timing is perfect. On March 2, 2023, we’re hosting a webinar on this very topic:
Who’s Your Competition? Measuring Competitive Threats to Thrive in a Challenging Economy
Thu, Mar 2, 2023
11:00 a.m. - 12:00 p.m. MST
During this webinar, we’ll delve into what competitive analysis should look like and how incorporating quality data can help you do this right. One data provider that most SiteSeer subscribers turn to for customer and competitive analysis is ChainXY. Their location data for restaurants, retailers and real estate professionals is one excellent data source that can help businesses understand the competitive landscape in which they are operating.
There’s a lot to analyzing competition, and understandably, most businesses we work with don’t even know where to begin. Our webinar with guest speaker ChainXY is a great starting point! You’ll learn about how to identify your competitors, rate their various locations by strength, create models, and put all competitor data and competitive intelligence you collect to work.
Discover how to analyze your competition to improve your business
If you want to create accurate sales forecasts, you NEED to analyze your competition. SiteSeer is a great tool for doing just that. During our webinar, you’ll learn about the Competitive Assessment Tool that clients rely on to measure competitive impacts.
But there’s even more in SiteSeer that will help you study your competitors. Register for our webinar to learn more about all this, and if you’d like to get a one-on-one demo of SiteSeer and all that it can do to help you analyze both your customers and competitors, contact us for a demo too.
