Sometimes companies also analyze themselves using one of the previous

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The purpose of this analysis is to use its results and compare them with competitors’ analysis, as we will explain in the comparison step later. 6. Recording, noting and sorting All the previous steps and stages result in a huge amount of information and data that needs to be stored. Companies rely on several programs and applications to record the data they collected during competitor analysis according to the nature and purpose of this data.

In general, there are two methods for recording data. The first relies on general Phone Number Datadata recording programs such as Google Sheets and MS Excel, while the second method relies on specialized programs to record each type of competitors’ data. 7. Export reports and compare information At this stage, companies begin to extract reports from previous tools and compare their information with each other. This step may include a process of refining the data and information collected to reach the most accurate information possible that expresses the true position of competitors objectively. After refinement, companies often rely on data analysis programs for the final information that they will use in analyzing competitors.



These programs also provide tools and techniques for extracting data from various sources. Finally, these programs contain tools to effectively analyze data to reveal patterns and trends and understand competitive performance. The most important tools that can be relied upon to export and compare competitor information: Tableau IBM Watson Analytics Salesforce Einstein Analytics Finally, this step is supposed to produce reports that show the complete position of companies compared to their competitors. These reports are considered the primary goal that competitor analysis is required to achieve. 8 . Discover points that can be improved The reports extracted by companies in the previous step are supposed to reveal their weaknesses or areas that need to be improved.