How to Perform a Competitive Analysis in 3 Easy Steps
How to Perform a Competitive Analysis in 3 Easy Steps
1. How to Research Your Competitors
Your first step in performing a competitive analysis is to research your competitors. This involves gathering as much information as possible about them, including their:
• Names and website addresses
• Products and services
• Target markets
• Marketing strategies
• SWOT analysis
You can gather this information in a variety of ways, including:
• Reading their websites and marketing materials
• Watching their videos or attending their presentations
• Interviewing their customers or clients
• Analyzing their social media activity
2. How to Analyze Your Competitors’ Strategies
Once you have gathered information about your competitors, it’s time to start analyzing their strategies. This involves studying how they are targeting their markets, promoting their products and services, and building relationships with customers and clients. You will also want to look at their SWOT analysis to get a better understanding of their strengths and weaknesses.
3. How to Compare Your Competitors’ Performance
Now that you have a good understanding of your competitors’ strategies, it’s time to start comparing their performance. This involves looking at factors such as:
• Their market share
• The size of their customer base or client base
• The number of products and services they offer
• The quality of their products and services
• The level of customer satisfaction they receive
• The strength of their brand identity
• Their marketing efforts and results
• The effectiveness of their sales efforts
4. How to Identify Your Competitors’ Weaknesses
Once you have compared your competitors’ performance, it’s time to start looking for their weaknesses. This involves studying areas where they are not performing as well as you would like them to be. Some common weaknesses include:
• Low market share or no market share at all
• Small customer base or client base
• Limited product and service offerings
• Poor quality products or services • Weak brand identity or no brand identity at all • Ineffective marketing or sales efforts • High customer turnover or no customer loyalty • Poor customer satisfaction ratings 5. How to Utilize Your Competitors’ Strengths Now that you know your competitors’ weaknesses, it’s time to start utilizing their strengths. This involves taking advantage of the things they are doing well and using them to your advantage. Some common strengths include: • Strong market share or dominant market share • Large customer base or client base • Extensive product and service offerings • High quality products or services • Strong brand identity • Effective marketing efforts • Well-known company name • Loyal customers 6. How to Prepare a Competitive Analysis Report Once you have completed your competitive analysis, it’s time to prepare a report detailing your findings. This report should include: • A summary of your competitive analysis • An overview of your competitors’ strategies • A comparison of your competitors’ performance • An evaluation of your competitors’ strengths and weaknesses • Recommendations on how to take advantage of your competitors’ strengths 7. How to Present a Competitive Analysis Report Once you have prepared your competitive analysis report, you will need to present it to your boss or client. This presentation should include: • An introduction to your competitive analysis • A summary of your findings • An evaluation of your competitors’ strengths and weaknesses • Recommendations on how to take advantage of your competitors’ strengths 8. What Happens After the Competitive Analysis? Now that you have completed your competitive analysis, it’s time for the next step – taking action on the information you have gathered. This may involve developing a plan to improve your own performance or taking steps to neutralize your competitors’ strengths. 9. Additional Resources on Competitive Analysis If you would like more information on competitive analysis, here are some additional resources: • The following articles offer tips on how to research, analyze, and compare your competitors: – “How to Research Your Competitors” – “How to Analyze Your Competitors' Strategies” – “How to Compare Your Competitors' Performance” – “How to Identify Your Competitors' Weaknesses” – “How to Utilize Your Competitors' Strengths” 10. Taking Competitive Analysis to the Next Level If you want to take your competitive analysis skills to the next level, consider enrolling in our Competitive Analysis training course. This course provides in-depth training on how to research, analyze, and compare your competitors like a pro.