What is Competitive Analysis
Competitive analysis is the process of analyzing the strengths and weaknesses of your competitors in order to gain a competitive advantage. It helps you understand what your competitors are doing, what they are not doing, and what opportunities there are for you to differentiate and stand out.
To perform a competitive analysis, you need to gather information about your competitors, including their products, target audience, marketing strategies, and more. This information can come from a variety of sources, including the competitor's website, customer reviews, and industry reports.
How to perform Competitive Analysis
There are several steps to perform a competitive analysis:
- Identify your competitors: Start by identifying the companies that compete with you in your market. These can be direct or indirect competitors, depending on the focus of your analysis.
- Gather information: Once you have identified your competitors, gather information about them. This can include information about their products, target audience, marketing strategies, and more.
- Analyze the information: Analyze the information you have gathered to identify the strengths and weaknesses of your competitors. Look for areas where you can differentiate yourself and stand out in the market.
- Create a report: Create a report that summarizes your findings. This report should include an overview of your competitors, their strengths and weaknesses, and opportunities for differentiation.
A competitive analysis usually includes
A competitive analysis usually includes the following information:
- Overview of your competitors: This includes information about your competitors, such as their name, location, and industry.
- Products and services: This includes information about the products and services offered by your competitors, including their features and benefits.
- Target audience: This includes information about the target audience of your competitors, including their demographics, psychographics, and buying behavior.
- Marketing strategies: This includes information about the marketing strategies used by your competitors, including their marketing mix and marketing channels.
- Strengths and weaknesses: This includes information about the strengths and weaknesses of your competitors, including their strengths and weaknesses.
- Opportunities for differentiation: This includes information about the opportunities for differentiation in the market, including areas where you can differentiate yourself from your competitors.
How to identify your competitors
To perform a competitive analysis, you need to identify your competitors. There are several ways to identify your competitors, for example by looking at your competitors' websites, industry reports, and customer reviews.
How to make a competitive analysis
Using DiscoveryBuddy, you can easily make a draft of a competitive analysis based on general patterns. This draft can be used as a starting point for your own competitive analysis.
You can see a demo of the competitive analysis process below. In this example, we've used data from a project to generate a persona, but you can also use DiscoveryBuddy to generate a competitive analysis.
Competitive analysis is an important part of market research. By understanding your competitors, you can gain a competitive advantage and improve your own products and strategies.