Competitor
Analysis
What Is Competitor Analysis?
A competitive analysis involves examining industry rivals and their marketing strategies to benchmark your company's strengths and weaknesses. You can either conduct a broad analysis or focus on specific aspects, tailoring the approach to meet your business's needs.
Why do a competitor analysis?
Frequently, small business proprietors handle multiple tasks simultaneously. Despite a hectic schedule, it's valuable to allocate time for conducting a competitor analysis.
What is the process for conducting a competitor analysis.
There exist multiple methods for conducting a competitive analysis, yet it typically involves four fundamental steps:
1. Recognizing your competition, encompassing direct, indirect, and substitute competitors.
2. Collecting data on products, services, pricing, service coverage, reputation, and marketing strategies.
3. Evaluating the strengths and weaknesses of each competitor.
4. Leveraging your competitors' strengths and weaknesses to establish a competitive edge.
What classifications exist within competitor analysis?
Various forms of competitor analysis encompass SWOT analysis, the customer journey map, and the growth-share matrix. The customer journey maps the narrative created by customers through your brand, digital presence, and products, while the growth-share matrix is a visual aid for prioritizing business endeavors.