5 Steps to Competitive Analysis

Knowing who you are competing against is crucial to your growth strategy, whether you’re a well-established brand or a start-up. To achieve this, you’ll need a competitive analysis – an assessment of your rival’s strengths and weaknesses. This will guide your offensive and defensive strategy.

You can contract an outside company for market intelligence to assist you, but you could also perform a thorough competitive analysis on your own. BDC Senior Business Analyst Mallika Kazim outlines her https://businessintergation.com/2023/06/18/the-importance-of-competitive-analysis/ 5-step approach to competitor analysis to help you know your competitors and their strengths and weaknesses. This will help you determine your growth strategy.

Analyzing competitors is an essential element in the creation of your marketing, product and sales roadmaps and also setting benchmarks for success. It’s the most effective way to zoom in on specific aspects of the market landscape to determine how your products and services compare to the competition. A comprehensive competitor analysis will also analyze the pricing strategy and positioning of your competitors. This is a comprehensive investigation into the way they communicate their unique selling points.

To perform an analysis of competitors, begin by identifying the competitors positioned closest to you in the market. You will then conduct in-depth analysis using a mix of primary and secondary sources, including data gathered by your personal team or research tools like Ahrefs or SEMrush. Once you’ve completed your research, use a grid of competitors (or matrix) to arrange it. This will make the results easier for you to digest. This will help you recognize bigger trends that could affect your strategy.