A great way to keep information about your competition organized is to create a profile on each of them. This is called competitor profiling. The profile not only lists the basics such as name and location, but also your observations such as perceived weaknesses and strengths.
Competitive advantage. This is an important aspect of the profile. You need to determine the competitive advantage that the business has. For example, a toy company’s competitive advantage may come in the form of a popular product, such as action figures based on a popular movie. By determining what their edge is, you can increase your efforts of combating that in your own strategy.
Make predictions. It is also helpful to include information about how they may respond to any trends or changes to the industry. To do this, examine their past history. Do they tend to react slowly or quickly?
Other information. Basically, you want to include any information that is relevant to the company and its place in the market. In this case, any information you can find about a company is excellent. If a company’s information is hard to find you can either take an average or hire a professional service.
Introduction To Profiles