Question

What are the common mistakes to avoid while conducting a competitive analysis?

Common mistakes to avoid while conducting a competitive analysis include not defining clear objectives, failing to identify the right competitors, not using the right metrics for comparison, ignoring market trends, and not updating the analysis regularly.

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Execs need competitive analysis to get outside of what they think they're good at or what their competitors to do and switch course and pivot as they see areas of weakness in competitors for you to act on. Pivot in terms of technical changes or pivot in terms of brand image or brand positioning. No matter what you do, you feel if they actually need to give a presentation on your findings, the second half of the deck is great for that. With this explainer, you'll learn how top companies like McDonald's, Apple, Robinhood, and Netflix use competitive analysis to be at the top of their industry.

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