This information is incredibly valuable for businesses looking to gain an edge over the competition.

But just how important is managing competitor analysis? Let’s take a look at some of the crucial benefits:

1. Gain Insights into Customer Needs

Your business may attract some of the same target audience as your competitors. By studying their messaging, product offerings and marketing with a competitive analysis template, you can gain valuable insights into customer needs, pain points and desires within your industry.

This enables you to pinpoint market gaps and identify potential solutions to address unmet requirements. Competitor analysis helps you understand what customers respond to, so you can tailor your own strategies accordingly.

2. Anticipate Competitor Moves

When you monitor competitors closely, you can often detect shifts and changes before they happen. For example, you may come across news of an impending product launch or rebrand. This gives you time to prepare and react appropriately.

If a competitor lowers prices, you can proactively position your business differently to compete on value rather than price alone. Predicting major competitor moves helps prevent being caught off guard.

3. Uncover Potential Partnerships

A thorough competitor analysis can reveal potential opportunities for partnership and collaboration. If a competitor excels in an area your business does not, you may be able to join forces to provide an unmatched customer solution.

Competitor partnerships allow each brand to play to their strengths. Keep an open mind to partnership potential when analyzing competitors.

4. Pinpoint Your Competitive Advantage

Determining your competitive edge is one of the most important strategic exercises for any business. Competitor research allows you to objectively compare your business to others in the market.

You can then identify areas where you excel and leverage them in your marketing. Do you offer faster shipping times, better customer service or lower prices? Use competitor analysis to showcase your advantages.

5. Set Your Prices Strategically

Pricing is a key part of your brand positioning and marketing strategy. Competitor analysis provides pricing insights that allow you to set prices accordingly. If competitors charge premium pricing, you may have room to undercut.

If they attract customers through discounts and coupons, you need compelling reasons to charge more. Monitoring competitor pricing ensures you find the right price point.

6. Identify Key Performance Indicators

In order to track your progress against competitors, you need to identify relevant key performance indicators. These will vary by industry, but may include metrics like market share, revenue, growth rate, customer retention and more.

Use competitor analysis to select KPIs that help you measure your performance against specific competitors, and the industry at large.

7. Make Strategic Business Decisions

Competitor intelligence directly informs many important business decisions, including which products to develop, where to expand geographically, when to ramp up marketing efforts and more.

Executives and decision makers rely heavily on competitor research findings to set company strategy. The insights it provides are invaluable.

Regular competitor analysis gives you an informed, objective overview of the competitive landscape. It empowers your business to stay agile, build competitive advantage, anticipate opportunities and threats, and craft data-driven strategies.

While it requires an investment of time and resources, the effort pays dividends across all areas of your business. Competitor research is essential for making smart tactical and strategic decisions.

The post How Important is Competitor Analysis? appeared first on Tech India Today.

Having all of that does not mean the setup is complete. Some traders would argue that the most significant component in their setup is the screens. Your monitors allow you to have a better view of a range of things as they happen on the market.

1. Monitors

Depending on the size of the screens that you choose to go with, and your desk, at least two to three monitors is a good setup. Check that the laptop that you use has enough ports to connect to various external monitors. You can always purchase an adapter to split the screen through one port.

As far as monitor sizes are concerned, 21 inches is a reasonable size. You can mount your monitors on brackets to give them the height that you may require.

2. Portability and long battery life

Day trade requires one to be focused, attentive, and available. In as much as you can have these qualities, you may be mobile as it also gives you room to multitask. As you are mobile, you cannot have a massive laptop to move around with, and you cannot afford to run out of power.

It would be best to have a portable laptop to work on in a bus, taxi, train, or coffee shop. There are many portable laptops with a long battery life that you can use, such as Apple MacBook Air, ASUS ZenBook 13 Ultra-Slim Laptop, Microsoft Surface Pro 6, LG Gram Laptop, and Huawei Matebook X Pro.

3. Higher quality specs

As much as you need to invest in day trade, you need to invest in your laptop. As a trader, you need to know what is essential to you when choosing the type of Laptop setup you need. You cannot select a lovely laptop over a laptop with good technical qualities.

These include a fast processor, connectivity, storage, sound operating system, RAM, and ports. Day trade evolves around productivity, and you need a laptop with a fast processor.

The processor, which is also known as the CPU, appears to be the heart of a computer, which has resulted in significant consideration for a processor which loads applications quickly at the same time. More information needs to be run fast. As a trader, time is substantial.

You cannot afford to lose a second. Dual-core and quad-core CPUs are being considered. As a trader, you would not want to run out of space as you have more time to focus on day trade than your computer’s technical aspects.

It would be best if you also had a laptop that allows you to quickly browse the web, and automatically adjust the Wi-Fi signal for the best accuracy. Speed matters. In consideration of the qualities mentioned earlier, there is a minimum of specs recommended.

They are as follows: 128 Hard drives, Intel i5 Processor (Dual-core minimum), 4GB RAM (8GB), and Powerful Graphics card with 2GB+ Memory.

4. Operating system

The critical thing to look for in an operating system you use for trading is your software’s compatibility. For instance, if you use MetaTrader, you would want to check that any laptop you use has an operating system that can run MetaTrader. Windows 10 is stable and highly secure.

Windows 10 offers more features to any trader during a business day. These include changing power settings, auto-clean your hard disk, getting rid of some visual effects, and checking your laptop’s performance. All traders want to have control over their laptops.

5. Graphic cards

A day trader needs multiple displays as one can trade numerous products on different platforms. Therefore, there is a need for powerful graphics; otherwise, it becomes slow, tedious, and less productive. Graphic cards process everything that you see on your screen.

There is a wealth of resources showing you how to install a graphics card. Compatibility is essential in this case as well. Check that your motherboard and the rest of the setup are suitable for any graphics card you consider.

6. Storage

A laptop can have 500GB, which is suitable for storage. As a trader, you might need more space because you might be having studies and more trading platforms that might require more space.

Investing in 16GB of RAM will be sufficient enough as you can run all your trading software smoothly. You can choose to boost more reach on your laptop, or you can pay to upgrade your storage.

7. Number of Laptops needed

Different people prefer different setups. One laptop can be enough for an individual trader, and the next one might choose two or more. In this case, you need to evaluate your trading skills. Some people can manage using more laptops, which might not be a good idea for some people.

Traders who use more laptops may use charts and want to follow more stocks at once. A trader knows the weaknesses and strengths associated with any of the mentioned laptop setups.

8. Mobility

As a trader, you might choose to be a mobile trader, and you need a mobile trading setup. In this case, you need a portable laptop that runs smoothly.

You can move around the house while working. You might need a power bank to do not lose when you are on the go. You might be on a bus or park where you do not have to worry about where to charge your laptop.

9. Internet connectivity

Traders cannot afford to have a slow internet connection. Slow internet does not allow you to interact with the market. It would help if you were on top of the game.

The location of the trading operation can affect you. You need to look for fast internet if you want the best.

It upgrades reliability and performance. Being active all day is a challenge and is painful and having excellent connectivity makes trading better.

10. Trading platform

A laptop connected to the internet without a trading platform (software program that processes transactions in an electronic marketplace) does not help you in any way.

Streaming real-time data, usage of charting applications, and options for market entry and exit make the trading process hence emerges the need for an effective online trading platform in India.

One cannot just take a laptop home, start day trade, and become productive. One needs a Laptop setup consisting of powerful graphic cards, fast internet connectivity, Windows 10, higher quality specs, and long battery life.

The post What type of Laptop setup do you need to day trade? appeared first on Tech India Today.