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Competitive Analysis

The process of analyzing the strengths and weaknesses of competitors in order to gain a competitive advantage.

Also called: Market Analysis, Market Intelligence, Competitor Analysis, Competitor Intelligence, Competitive Intelligence, Competitive Landscape Analysis, Strategic Analysis, and Strategic Intelligence

See also: Competitive Landscape, Competitive Intelligence, Competitive Landscape, Pricing Strategy

Relevant metrics: Conversion Rate, Customer Retention Rate, Customer Acquisition Cost, Average Order Value, and Customer Lifetime Value

In this article

What is Competitive Analysis?

Competitive analysis is the process of researching and analyzing the strengths and weaknesses of your competitors in order to gain a better understanding of the market and your own competitive position. It involves researching the products, services, pricing, customer service, and other aspects of your competitors in order to identify areas where you can improve and gain a competitive advantage. Competitive analysis can also help you identify potential opportunities and threats in the market, as well as uncovering new ideas for product and service development.

Where did Competitive Analysis come from?

Competitive Analysis is a term that originated in the business world. It is a process of analyzing the strengths and weaknesses of a company’s competitors in order to gain a better understanding of the competitive landscape. It is used to identify opportunities and threats in the marketplace, and to develop strategies to gain a competitive advantage.

The term was first used in the early 1900s, when companies began to analyze their competitors in order to gain a better understanding of the market. Since then, the term has become widely used in the business world, and is now used to refer to the process of analyzing competitors in order to gain a better understanding of the competitive landscape.

Benefits of carrying out a competitive analysis

One way to gain a thorough understanding of the competition in your industry is through a competitive analysis, which involves researching and analyzing your competitors to gain insights into their strengths and weaknesses, as well as the market as a whole. Here are some of the benefits of carrying out a competitive analysis.

Identify Your Business’s Strengths and Weaknesses

One of the primary benefits of a competitive analysis is the ability to identify your business’s strengths and weaknesses. By comparing your business to your competitors, you can identify areas where you excel and areas where you may need to improve. For example, you may discover that your customer service is a strength, while your pricing strategy may need improvement. Identifying your strengths and weaknesses is crucial in developing effective business strategies.

Understand Your Market

A competitive analysis can also provide valuable insights into your market. By researching your competitors, you can gain a better understanding of the trends and dynamics of your industry. You can also identify potential gaps in the market where you can introduce new products or services. Understanding your market is essential in making informed business decisions.

A competitive analysis can help you identify industry trends that may impact your business in the future. By tracking your competitors’ actions and responses to market changes, you can gain insights into the direction your industry is moving. This can help you stay ahead of the curve and adapt your business strategies to take advantage of emerging trends.

Set Benchmarks for Future Growth

Finally, a competitive analysis can help you set benchmarks for future growth. By comparing your business to your competitors, you can identify areas where you need to improve to stay competitive. You can also set goals and benchmarks to measure your progress over time. This can help you stay focused on your business objectives and ensure that you’re continually growing and evolving. In conclusion, a competitive analysis is a valuable tool for any business owner or marketer. By identifying your business’s strengths and weaknesses, understanding your market, spotting industry trends, and setting benchmarks for future growth, you can make informed business decisions and stay ahead of the competition. A competitive analysis should be an ongoing process to ensure that you’re continually evolving and adapting to changes in the market.

When should you do a competitor analysis?

Keeping a watchful eye on the competition is essential. Conducting a competitive analysis helps businesses to identify areas where they need to improve, stay ahead of emerging trends, and make informed business decisions. But when is the right time to conduct a competitive analysis? Here are some instances when a business should consider conducting a competitive analysis.

Starting a Business

For entrepreneurs launching a new business, it’s essential to conduct a competitive analysis before getting started. A competitive analysis can help identify the main players in the industry and help entrepreneurs understand the competitive landscape. This analysis can also help entrepreneurs identify gaps in the market and find unique selling points that differentiate their business from others.

Launching a New Product or Service

When a business is launching a new product or service, it’s essential to conduct a competitive analysis. This analysis can help identify competing products or services, as well as identify gaps in the market that the new product or service can fill. It can also help businesses to develop a unique value proposition for their new product or service and help to inform their marketing and pricing strategies.

Considering a Pivot

For businesses considering a pivot, a competitive analysis is a valuable tool. It can help identify potential new markets or customer segments, as well as help businesses to understand the competition within those markets. A competitive analysis can also help businesses to identify areas where they need to improve to be competitive in the new market.

Stagnating Business

If a business is experiencing stagnation, a competitive analysis can be a valuable tool to identify areas where the business needs improvement. It can help businesses to understand what their competitors are doing differently, as well as identify new market opportunities or trends that they may have missed. By conducting a competitive analysis, businesses can identify new strategies to re-energize their business and stay competitive.

Drop in Organic Traffic

If a business is experiencing a drop in organic traffic, a competitive analysis can help identify areas where the business needs to improve. It can help identify the keywords or topics that the competition is ranking for, as well as identify the content that’s driving traffic to their sites. By analyzing the competition, businesses can develop new strategies to improve their organic traffic.

How to do a competitive analysis

Here are some essential steps to follow when conducting a competitive analysis.

First step: identify who your competitors are

Before you can start analyzing your competitors, you need to determine who they are. This might seem like a simple task, but it’s not always straightforward. Your competitors could include direct competitors who offer the same products or services, or indirect competitors who offer similar solutions or cater to the same target audience. Additionally, you may also need to consider potential future competitors who could enter the market. In this article, we’ll provide you with a step-by-step guide for identifying your competitors and getting started with your competitive analysis.

  1. Determine Who Your Competitors Are. The first step in conducting a competitive analysis is to identify who your competitors are. This involves identifying businesses that operate in the same industry and offer similar products or services. By knowing who your competitors are, you can gain insights into how they operate, their strengths, weaknesses, and what they’re doing differently.
  2. How To Select Competitors For Analysis. Once you have identified who your competitors are, the next step is to select which ones to analyze. There are several factors to consider when selecting competitors for analysis. These include:
  3. Customer (Who). Look at who your target audience is and who your competitors are targeting. By analyzing the competitors who are targeting the same customer base, you can identify opportunities and areas of differentiation.
  4. Problem (What). Consider what problems your product or service solves and identify competitors who offer similar solutions. By analyzing competitors who are solving similar problems, you can identify opportunities for differentiation.
  5. Product Category (How). Analyze competitors who operate in the same product category or use a similar business model. This can help you understand the competition’s pricing strategy, marketing tactics, and target audience.
  6. Direct Competitors. Once you have selected competitors for analysis, the next step is to identify direct competitors. These are businesses that offer the same product or service and target the same customer base. By analyzing direct competitors, you can identify how they differentiate themselves from your business, what their pricing strategy is, and their marketing tactics.
  7. Secondary/Indirect Competitors. Secondary/indirect competitors are businesses that offer similar products or services but target a different customer base. By analyzing secondary/indirect competitors, you can identify areas where your business can expand or new target markets to pursue.
  8. Substitute Competitors. Substitute competitors are businesses that offer a different product or service but can be used as an alternative to yours. By analyzing substitute competitors, you can identify areas where your business needs to improve, how you can differentiate yourself, and where you can find new customers.

Step two: Gather information about your competitors

Once you’ve identified your competitors, you need to collect information about their products, pricing, place, and promotion. Look for businesses that offer similar products or services, target the same customer base, and operate in the same geographic region.

  • Products. Analyze your competitors’ products or services, their features, quality, and innovation. How do they differentiate themselves from your own offerings? What unique selling propositions (USPs) do they have that make them stand out in the market?
  • Pricing. Study your competitors’ pricing strategies. How much do they charge for their products or services? Do they have a premium pricing strategy or a low-cost pricing strategy? Are there any discounts or promotions that they offer?
  • Place. Look at where your competitors sell their products or services. Do they have a physical store, an online presence, or both? What kind of distribution channels do they use? Are they easily accessible to customers, or do they have limited reach?
  • Promotion. Analyze your competitors’ marketing and advertising strategies. What messaging do they use to promote their products or services? What channels do they use to reach their target audience? Are they investing in social media, SEO, PPC, or other marketing tactics?
  • Positioning. Examine your competitors’ brand positioning. What is their value proposition? How do they position themselves in the market, and how do they differentiate themselves from their competitors? Do they have a unique brand personality or a strong brand voice?
  • Reputation. Look at your competitors’ online reputation. What do customers say about them on review sites, social media, or forums? What kind of feedback do they receive from their customers? Are there any negative comments or reviews that they need to address?
  • People. Analyze your competitors’ team members. Who are their key employees, and what are their roles and responsibilities? What kind of expertise and experience do they have? Do they have a high employee retention rate?
  • Partnerships. Look at your competitors’ partnerships and collaborations. Do they have any strategic alliances with other businesses, suppliers, or distributors? How does their partnerships impact their market position and product offerings?

Research sales tactics and results of your competition

Understanding how your competitors sell their products or services, their sales channels, and their sales results can give you valuable insights into how to improve your own sales strategy and drive more revenue.

  • Are they using a direct sales model, an online store, or selling through third-party distributors?
  • What kind of customer service do they offer, and what is their sales process?

Analyzing these factors can give you ideas on how to improve your own sales strategy, from creating a more user-friendly online store to offering better customer service.

Analyzing your competitors’ sales results can give you an idea of how successful they are in the market and how you can improve your own sales efforts. Try to find out how much revenue they generate, their sales growth rate, and their market share – but also help you identify any gaps in the market that you can capitalize on. For example, if your competitor is not offering a particular product or service, you can consider adding that to your product lineup. If they are not reaching a particular customer segment, you can consider tailoring your marketing efforts to target that segment.

E-commerce: Compare shipping costs

Shipping costs can significantly impact the profitability of your business, and it’s crucial to ensure that you’re meeting competitive shipping costs.

Examine the shipping rates, delivery times, and any additional fees of your competition.

  • Are your competitors offering free shipping or flat rate shipping?
  • Do they offer faster delivery times, or are their rates significantly lower than yours?

Once you’ve identified your competitors’ shipping options, analyze the reasons behind their pricing strategy. Look at the shipping carriers they use, their negotiated rates, and any partnerships they have.

Compare marketing approaches

Analyzing your competitors’ marketing strategy can give you valuable insights into how to improve your own marketing efforts and gain a competitive advantage.

  • Are they using traditional marketing methods such as print advertising or television commercials
  • Are they relying on digital marketing channels such as social media, email marketing, or search engine optimization?
  • How do they position their products or services and the key benefits they highlight?
  • What is the tone and style of their messaging and how they speak to their target audience?

Look at how competitors use each channel and the message they’re trying to convey to their customers. Analyzing your competitors’ marketing channels can help you determine which channels are the most effective for your industry and which ones you should invest more resources in.

Compare content strategies

Identify the types of content that your competitors are producing. Look at their blog posts, videos, podcasts, social media posts, and any other types of content they’re producing and identify the topics they cover and the format they use to present their content. This will give you an idea of the kind of content your audience is interested in and the different ways you can present your content.

  • What is the level of research and analysis they put into their content and the quality of their writing or video production?
  • How do they engage with their audience in the comments section and the social media posts they share?
  • How often they’re posting new blog posts or videos and how they’re promoting their content?
  • What social media channels are they using to promote their content and the kind of engagement they’re getting?
  • What kind of content are they promoting in their email newsletters?

Analyzing the quality of your competitors’ content can give you an idea of what your audience expects from the content you produce and how you can improve the quality of your content.

Factors your competitor analysis should include

As a business owner or marketer, it’s crucial to understand your competitors and how they operate in the market. Competitive analysis allows you to identify the strengths and weaknesses of your competitors, giving you an edge in developing strategies to differentiate your business and attract more customers. Here are some factors that your competitor analysis should include.

  1. Feature Matrix. A feature matrix is a chart that compares the different features of your product or service with those of your competitors. By creating a feature matrix, you can identify the unique features of your product or service, how they compare with your competitors’ features, and where you may be able to gain a competitive advantage.
  2. Market Share Percentage. Market share is the percentage of total sales in a market that a particular company or product holds. Knowing your competitors’ market share can help you understand how dominant they are in the market and how much room there is for your business to grow. You can also use this information to identify potential gaps in the market where you can introduce a new product or service.
  3. Pricing. Pricing is a critical factor in any competitive analysis. By comparing your prices with those of your competitors, you can identify opportunities to increase your profit margins, adjust your prices to match those of your competitors, or offer discounts to attract more customers.
  4. Marketing. Marketing is how businesses promote their products or services to potential customers. By analyzing your competitors’ marketing strategies, you can identify the tactics they use to attract and retain customers. You can then use this information to create marketing campaigns that will help you stand out in the market.
  5. Differentiators. Differentiators are the unique features of your product or service that distinguish it from your competitors. By identifying your differentiators, you can highlight them in your marketing campaigns and use them to attract more customers.
  6. Strengths. Understanding your competitors’ strengths can help you identify potential challenges and opportunities. By analyzing their strengths, you can identify areas where you may need to improve your product or service or where you can offer something new to the market.
  7. Weaknesses. Like strengths, weaknesses can also provide valuable insights into the market. By identifying your competitors’ weaknesses, you can identify areas where you can gain a competitive advantage and differentiate your product or service.
  8. Geography. Geography is an important factor in any competitive analysis. By analyzing your competitors’ locations and the markets they serve, you can identify potential areas where you can expand your business or introduce new products or services.
  9. Culture. Culture can also play a role in a competitive analysis. By understanding the cultural preferences of your target market and how they differ from those of your competitors’ target markets, you can create marketing campaigns that resonate with your customers and help you stand out in the market.
  10. Customer Reviews. Analyzing customer reviews can provide valuable insights into how your competitors are perceived in the market. By analyzing customer reviews, you can identify potential areas where you can improve your product or service, and where you can differentiate yourself from your competitors.

Include these factors to to gain a comprehensive understanding of your competitors and the market.

There are a multitude of frameworks that will assist you in develping your competitive analysis. None cover the full picture, why combining several frameworks is crucial for gaining clarity over all aspects of the competitive landscape. They are however, well thought through.

  • SWOT analysis. A framework that helps identify a company’s strengths, weaknesses, opportunities, and threats. This framework is useful for understanding a company’s internal and external environment, and for identifying areas where the company can improve or gain an advantage.
  • Porter’s Five Forces. A framework that examines the competitive landscape of an industry by analyzing the bargaining power of suppliers, buyers, potential new entrants, substitute products or services, and existing competitors. This framework is useful for understanding the dynamics of an industry and for identifying the key drivers of competition.
  • PEST analysis. A framework that examines the political, economic, social, and technological factors that can affect a company’s business environment. This framework is useful for understanding the external environment and for identifying potential risks and opportunities.
  • Value Chain analysis. A framework that examines a company’s internal operations and activities to identify areas where the company can create value and differentiate itself from its competitors. This framework is useful for understanding a company’s operations and for identifying areas where the company can improve efficiency and effectiveness.
  • Competitor Benchmarking. A framework that involves a direct comparison between a company and its competitors in terms of key performance indicators, market share, customer satisfaction, and other relevant metrics. This framework is useful for understanding a company’s relative position in the marketplace and for identifying areas where the company can improve or gain an advantage.
  • Blue Ocean Strategy. This framework involves looking for uncontested market spaces that can be leveraged to create new market demand and make competition irrelevant.
  • PESTEL Analysis. This framework analyzes the macro-environmental factors that can impact a business, such as political, economic, social, technological, environmental, and legal factors.
  • Growth Share Matrix. This framework categorizes a company’s products or business units into four categories (stars, question marks, cash cows, and dogs) based on their market share and growth potential.
  • Game Theory. A framework that helps to understand and analyze strategic decision-making by players in a competitive environment. It uses mathematical models to explore the possible outcomes of different strategies and the interactions among the players.
  • McKinsey 7S Framework. A framework that helps to analyze the internal and external factors of an organization. It consists of seven elements: strategy, structure, systems, shared values, skills, staff, and style. The framework helps to identify the interrelationship among these elements and how they affect the overall performance of the organization.
  • Competitor Matrix. A tool used to compare the strengths and weaknesses of a company with its competitors. It helps to identify areas where the company is doing well or needs improvement, and it can help to develop strategies to gain a competitive advantage.
  • Industry Life Cycle. A framework that describes the different stages that an industry goes through, from its inception to decline. The framework helps to understand the challenges and opportunities that an industry faces at each stage, and it can be used to develop strategies for success.
  • Resource-Based View Analysis. A framework that focuses on the internal resources and capabilities of an organization. It helps to identify the unique resources and capabilities that a company has, and how these can be used to gain a competitive advantage.
  • Value Net Analysis. A framework that helps to identify the different players in a competitive environment and how they interact with each other. It helps to identify potential partnerships and collaborations, as well as potential threats and opportunities.
  • Business Ecosystem Analysis. A framework that helps to understand the interdependent relationships among different players in a business ecosystem. It helps to identify the key players, their roles, and how they interact with each other.
  • Four Corners Analysis. A framework that helps to analyze the competitive environment of a company by looking at the four key elements: customers, competitors, substitutes, and potential entrants. It helps to identify potential opportunities and threats.
  • Marketing Mix / 7 Ps Model. The marketing mix, also known as the 7 Ps model, is a framework that businesses can use to develop a comprehensive marketing strategy. The 7 Ps stand for Product, Price, Promotion, Place, People, Process, and Physical evidence. By analyzing each of these elements, a company can develop a strategy that addresses all aspects of their marketing mix and helps them to stand out from competitors.
  • Eight P’s of Marketing. A framework that helps to analyze the marketing strategy of a company. It consists of eight elements: product, price, promotion, place, people, process, physical evidence, and performance. The framework helps to develop a comprehensive marketing strategy that considers all of these elements.
  • CORE Framework. A framework that helps to identify the key components of a company’s strategy. It consists of four elements: capabilities, opportunities, resources, and environment. The framework helps to develop a strategy that is based on the company’s strengths and the opportunities in the external environment.
  • Brand Analysis Framework. A framework that helps to analyze the brand of a company. It consists of four elements: brand positioning, brand messaging, brand differentiation, and brand performance. The framework helps to develop a brand strategy that is based on the company’s unique strengths and the needs of its target audience.
  • Strategic Group Analysis. This framework helps companies to identify the different groups of competitors in their industry and their key characteristics. By grouping competitors based on commonalities such as target market, product type, or geographic location, a company can better understand the industry and identify its position within it. This analysis can also help businesses identify potential new market opportunities.
  • Perceptual Mapping. Perceptual mapping is a tool that helps businesses to visualize their brand’s position relative to competitors in the minds of consumers. It’s a graphical representation of how customers perceive different brands based on various attributes, such as price, quality, and design. This analysis can help businesses to identify gaps in the market and develop marketing strategies to better differentiate their products or services.
  • BCG Matrix (Growth-Share Matrix). The BCG matrix is a framework that helps companies to analyze their product portfolio and make strategic decisions based on the product’s market growth rate and market share. The matrix classifies products as cash cows, stars, question marks, or dogs. It can help businesses identify where to allocate resources for growth and profitability, as well as which products may need to be phased out.

Each of these frameworks can be used individually or in combination to conduct a comprehensive competitive analysis and develop effective strategies for a company.

Chasing a Competitive Edge

Competitive analysis is a powerful tool for businesses to gain a competitive edge in their respective markets. By analyzing the strategies, products, and services of competitors, businesses can identify opportunities to differentiate themselves and capitalize on their strengths. This type of analysis can also help businesses identify weaknesses in their competitors’ offerings and develop strategies to capitalize on those weaknesses.

Competitive analysis can be used to inform a variety of business decisions, from product development to marketing and sales strategies. By understanding the competitive landscape, businesses can develop products and services that are better suited to their target market and more likely to be successful. Additionally, businesses can use competitive analysis to identify potential partners and collaborators, as well as to develop pricing strategies that will maximize their profits.

In marketing and sales, understanding the strategies of competitors, businesses can develop campaigns that will differentiate them from their competitors and attract more customers. Additionally, businesses can use competitive analysis to identify potential markets and develop strategies to target those markets.

Finding your competitive advantage through analysis

A competitive advantage is what sets a company apart from its competitors and enables it to achieve superior performance in the marketplace. It allows a company to outperform its rivals and capture a larger share of the market, which in turn leads to increased profitability, growth, and market dominance.

A competitive advantage helps companies to differentiate themselves from their competitors, achieve superior performance, and position themselves for long-term success.

Identifying your competitive advantage

Identifying competitive advantage in software products typically involves assessing how well the product meets the needs and preferences of its target customers in comparison to its competitors. Here are some ways to identify competitive advantage in SaaS products:

  • Unique features. Look for unique features or functionalities that set the product apart from competitors. This could include features that are not available in other products, or features that are executed better than competitors.
  • User experience. Analyze the user experience of the product to see how it compares to competitors. This includes factors such as ease of use, user interface design, and overall satisfaction.
  • Pricing model. Assess the pricing model of the product and compare it with competitors. A competitive pricing model that offers more value for the same price, or a lower price with similar value can be a significant competitive advantage.
  • Customer support. Evaluate the level and quality of customer support offered by the product in comparison to competitors. Good customer support can be a competitive advantage, especially in cases where technical support is critical for customers.
  • Integration and scalability. Consider how easily the product integrates with other tools and systems and how well it can scale to meet the needs of growing businesses. A highly integratable and scalable product can be a competitive advantage in the SaaS industry.
  • Reputation and brand. Examine the reputation and brand recognition of the product and its company in the industry. A strong reputation and brand recognition can make the product more appealing to potential customers and give it a competitive edge.

Stragegies for achieving a competitive advantage

There are several strategies that businesses can use to achieve a competitive advantage. Here are some of the most common strategies:

  • Cost leadership. This strategy involves offering products or services at a lower cost than competitors. This can be achieved through efficient production processes, economies of scale, and other cost-saving measures.
  • Differentiation. This strategy involves offering products or services that are perceived as unique or superior to competitors. This can be achieved through product innovation, quality improvements, exceptional customer service, and other factors.
  • Niche focus. This strategy involves targeting a specific, narrow segment of the market and tailoring products or services to meet the specific needs and preferences of that segment. This can be an effective way to compete with larger, more established competitors.
  • Innovation. This strategy involves continuously developing and introducing new and improved products or services to the market. This can be achieved through research and development, partnerships, and other methods.
  • Customer focus. This strategy involves prioritizing the needs and preferences of customers and creating a customer-centric culture within the organization. This can be achieved through collecting customer feedback, personalizing the customer experience, and other methods.
  • Operational excellence. This strategy involves focusing on efficiency, productivity, and quality in all aspects of the business. This can be achieved through process improvements, automation, and other methods.

Businesses may use a combination of these strategies or a unique approach that aligns with their strengths, values, and goals to achieve a competitive advantage.

Competitive advantages through business model design

You can gain a competitive advantage through business model design by creating a unique and effective model that differentiates your product or service from competitors. Here are a few examples of how specific business models can give you a competitive edge.

  • Freemium. Offering a basic version of the software for free and charging for premium features, which can be a way to attract a large user base while generating revenue from power users.
  • Subscription. Offering the software on a subscription basis, which can create a recurring revenue stream and help build a loyal customer base.
  • Open Source. Making the source code of the software publicly available, which can encourage community involvement, innovation, and adoption.
  • Crowdsourcing. Involving users in the development process, such as soliciting feedback or ideas for new features, which can improve the product and build customer engagement.
  • Digitalization. Creating a digital version of a physical product, which can reduce costs, increase accessibility, and expand the potential customer base.
  • Long Tail. Offering a wide variety of niche software products, which can capture a large share of the market by serving specific needs or interests.
  • Cross Selling. Bundling the software with related products or services, which can increase sales and build customer loyalty.
  • Experience Selling. Offering a unique and immersive experience through the software, such as gamification or virtual reality, which can differentiate the product from competitors.
  • Solution Provider. Offering a comprehensive solution that combines software with hardware and services, which can provide a one-stop-shop for customers and create a competitive advantage.
  • Platform as a Service. Offering a platform for developers to build and deploy their own software, which can create a network effect and establish the product as a dominant player in the market.

Examples

Headline

Examples of Companies Applying Competitive Analysis

Amazon

Amazon is a prime example of a company that uses competitive analysis to stay ahead of the competition. By analyzing the competition’s pricing, product offerings, and marketing strategies, Amazon is able to identify areas where it can improve its own offerings and stay ahead of the competition.

Apple

Apple is another company that uses competitive analysis to stay ahead of the competition. Apple regularly monitors the competition’s product releases, pricing, and marketing strategies to identify areas where it can improve its own offerings and stay ahead of the competition.

Microsoft

Microsoft is another company that uses competitive analysis to stay ahead of the competition. Microsoft regularly monitors the competition’s product releases, pricing, and marketing strategies to identify areas where it can improve its own offerings and stay ahead of the competition.

Relevant questions to ask
  • What is the purpose of the competitive analysis?
    Hint The purpose of the competitive analysis is to gain insight into the competitive landscape of a particular industry or market. It helps to identify opportunities and threats, as well as to understand the strengths and weaknesses of competitors.
  • What are the goals of the analysis?
    Hint The goals of the analysis are to identify the competitive advantages and disadvantages of a company, to understand the competitive environment, and to develop strategies to gain a competitive edge.
  • What is the scope of the analysis?
    Hint The scope of the analysis should include the competitors in the same industry or market, as well as any potential new entrants.
  • What competitors should be included in the analysis?
    Hint Competitors should be included in the analysis based on their size, market share, and other relevant factors.
  • What data points should be collected and analyzed?
    Hint Data points that should be collected and analyzed include market share, pricing, product offerings, customer service, and other relevant factors.
  • What methods should be used to analyze the data?
    Hint Methods that should be used to analyze the data include market research, customer surveys, financial analysis, and other relevant methods.
  • How will the results of the analysis be used?
    Hint The results of the analysis can be used to develop strategies to gain a competitive edge, to identify opportunities and threats, and to understand the strengths and weaknesses of competitors.
  • What resources are available to complete the analysis?
    Hint Resources available to complete the analysis include market research firms, customer surveys, financial analysis tools, and other relevant resources.
  • What timeline should be set for completing the analysis?
    Hint A timeline should be set for completing the analysis, taking into account the resources available and the complexity of the analysis.
  • What potential risks or challenges should be considered?
    Hint Potential risks or challenges that should be considered include changes in the competitive landscape, changes in customer preferences, and changes in technology.

You might also be interested in reading up on:

People who talk about the topic of Competitive Analysis on Twitter
Relevant books on the topic of Competitive Analysis
  • Competitive Strategy: Techniques for Analyzing Industries and Competitors by Michael E. Porter (1980)
  • Marketing Management: Analysis, Planning, Implementation and Control by Philip Kotler (2009)
  • Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers by Alexander Osterwalder (2010)
  • Competitive Intelligence: How to Gather, Analyze, and Use Information to Move Your Business to the Top by David S. Pottruck (2003)
  • Kotler on Marketing: How to Create, Win, and Dominate Markets by Philip Kotler (1999)

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