Once you know who your competition is, you need to start the data collection process. This includes gathering information on your competitor's products or services, marketing and pricing strategies, financials, advertising tactics, sales channels, target markets, and customer demographics. Use credible and ethical sources to gather accurate information and create a suitable competitor profile to aggregate everything about a competitor in one place. Here, data can be of two kinds:
- Qualitative: This includes objective information like market reports, shareholder information, sustainability reports, sector magazines, interviews, etc., sourced from the company’s website, news outlets, and search engines.
- Quantitative: This includes financial statements and annual reports from where you can analyze the sales and revenue data of a company.