6 ways to master a competitive analysis
DECEMBER 27, 2023
In the fast-paced world of business, staying ahead means understanding your competitors to determine any advantages or opportunities you can use. Here’s your guide to mastering the art of a competitive analysis to achieve sustainable success for your business.
1.Identify your competitors
The first step is recognizing who you’re up against. Beyond the obvious players, look for small or emerging companies with innovative approaches.
2. Describe your competitors
What does your competitor say about themselves? What qualities do they associate with their company?
3. Evaluate competitor offerings
A deep dive into your competitors’ product or service offerings is essential. Assess the quality, features, pricing, and unique selling points.
4. Analyze your competitors’ online presence
Scrutinize your competitors’ websites, social media and online reviews. Identify what makes their content engaging, assess customer feedback & online reviews and pinpoint gaps in their strategies.
5. Conduct a SWOT analysis
Dive into the competitors’ strengths, weaknesses, opportunities, and threats (SWOT). Compare these against a SWOT analysis of your own business to uncover strategic business insights you can use.
6. Continually reassess
Competitive analysis is an ongoing process. Markets evolve, and so do your competitors. Regularly reassess their strategies, track industry trends, and adapt your approach accordingly.