Stay in the Race with Competitor Analysis

This article explores what competitor analysis is, the benefits of doing it and provides a template of how to conduct the analysis.

What is Competitor Analysis?

Competitor analysis is simply the act of researching your biggest competitors in order to gain an insight into their products, business model, sales, marketing, user base and their strategies.

Overall, this analysis allows you to explore the strengths and weaknesses of your competitors to help identify opportunities & avoid downfalls so that your own company outperforms them and  strengthen your position in the market against your competitors.

Additionally, it keeps you up to date with the industry trends and makes sure your company is meeting the latest trends and standards. 

What is the Purpose of Competitor Analysis?

Unique Value Proposition: Competitor Analysis helps you identify your UVP, this is what makes your product or service different from competitors.

Competitor Benefits: Allows you to  see what competitors are doing that is performing well, this allows you to keep track of relevant trends and what you can do to outperform competitors within these trends. 

Competitor Shortfalls: Identify areas and strategies that are causing your competitors to underperform or are disadvantageous. These can also be seen as opportunities to try something new, as well as inform you of mistakes to avoid repeating. 

Customer Feedback: You can utilise custom feedback of a competitor's product or service to inform you what your target audience are looking for, things that customers like and missing features that you can capitalise on.

How Can I Conduct Competitor Analysis?

To conduct a competitor analysis, keep the following steps in mind:

  1. Identify your competitors
  2. Review the products / services
  3. Analyse their sales & marketing strategy
  4. Review their pricing model
  5. Check their customer reviews
  6. Perform a SWOT analysis