Now that you’ve outlined both your business and marketing objectives for the year, it’s time to get to work writing your business plan. Most of the plan will be quite inward focused for sure, but you also have to look outside your four walls to have a complete perspective for your plan. You have to analyze your competition.
Before you can look in, you first have to look out. Look out for what your competition is doing!
Related: How You Market Your Product Depends on Your Competition
On an annual basis for your marketing plan, you should review your competitors’ major activities, including pricing, policies and product portfolio. Complete an annual review of competitive websites, social channels and packaging. You should actually be tracking this all year long, particularly in industries that change frequently, but during the annual marketing plan you should note your competitors’ major activities from the year.
For a Complete Marketing Plan, Look Beyond Your Direct Competition
