Reviewing your competitor’s strategy allows you to gain more information about your competitors and identify opportunities that can give you an advantage. Here are some key considerations that you need to have in mind before you start reviewing,
Establish the Goal of Your Research
In fashion, there are four important factors to understand about your competitors:
- Place [distribution channels]
Once you establish the main goal of your research, you can further look into these use cases with the relevant key steps to evaluate your competitor’s strategies, based on the 4P’s:
Identifying the main objective of your research will help you to zero in on the key elements of your competitor’s strategy. It is crucial for brands to establish the goals of the research to ensure you implement the right strategies, relevant to your brand. By doing so, you will be able to identify the strengths and weaknesses of your competitors and further spot opportunities or risks to increases the chances of success.
We hope you found this article helpful! If you have any questions or would like to explore the Omnilytics dashboard further, feel free to reach out to your respective Client Success Manager.