How to Do a Competitive Analysis for your business.
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What is a competitive analysis?
A competitive analysis is a comparison of competitors’ strategies used to evaluate the strengths and weaknesses of different marketing approaches within an industry. It helps a business determine potential advantages and barriers within a market around a product or service and generally helps brands monitor how direct and indirect competitors are executing tactics like marketing, pricing, and distribution.
Competitive analysis example: what does one look like?
The competitive analysis can vary widely depending on what it is you’re trying to learn about your competitors. You might do a competitive analysis around a specific aspect-like a competitor’s website approach, for example-or you might do a high-level look at their marketing approach as a whole.
There are a lot of different ways you can structure a competitive analysis, so let’s look at the different types of information that are frequently seen within this type of research.
If you’re doing a high-level competitive analysis, there are a few major elements you’ll want to be sure to include around around competitors’ market positioning, such as:
Who their target customers are:
1. What their main differentiator/unique value add is for their business and products
2. Key features/benefits they highlight in sales materials
3. Price points for products across a variety of marketplaces
4. How they approach shipping
5. Whether they’ve received any funding or venture capital
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