So, what is competitor profiling?
As a business owner, you must constantly observe your competition to improve your market position. Only when you have insights into your competitors' strategies, strengths, and weaknesses can you improve your competitive position.
Competitor profiling is the way to do it by gathering and analyzing information about your rivals in a particular market or industry. You can collect information on aspects like the competitor's products or services, pricing strategies, marketing and advertising tactics, sales channels, target markets, and customer demographics.
Using it, you can analyze competitors and identify gaps in the market, develop more effective marketing and sales strategies, and refine product offerings to meet customer needs better. You can also proactively anticipate potential threats from competitors and take preventive measures to protect their market position.