What Should a Competitor Analysis Include?

This is an image of an investor and a chart for an article called Revolutionising Competitor Analysis Pitch Decks: How to Craft Competitor Slides that Resonate with Investors and Customers by octopus competitive intelligence agency octopus competitor analysis agency. What Should a Competitor Analysis Include?

What Should a Competitor Analysis Include?

In the dynamic business world, understanding your competition is not just an option; it’s a necessity. One of the most effective ways to gain this understanding is through competitor analysis. A well-executed competitor analysis can provide insights that help shape your business strategy, identify opportunities and threats, and ultimately give you a competitive edge. But what should a comprehensive competitor analysis include? This blog post will delve into the essentials of conducting an effective competitor analysis.

Understanding Competitor Analysis

Before we dive into what a competitor analysis should include, it’s essential to understand what it is. Competitor analysis is a strategic research technique used by businesses to identify who their competitors are and understand their strategies, strengths, and weaknesses. This information helps companies to develop effective strategies that enable them to compete effectively in the market.

Identifying Your Competitors

The first step in any competitor analysis is identifying who your competitors are. This may seem straightforward but complex, depending on your industry and market. Your competitors can be categorised into two groups:

1. Direct competitors: These businesses offer products or services similar to yours in the same geographical area.

2. Indirect competitors: These are businesses offering different products or services but targeting the same customers as you.

To identify these competitors, you can use various methods, such as online research, customer surveys, industry reports, and trade shows.

Analysing Competitor’s Products/Services

Once you’ve identified your competitors, the next step is to analyse their products or services. This involves understanding what they offer and how they differentiate themselves from others in the market.

It would help if you looked at aspects such as:

1. The range of products or services they offer

2. Their pricing strategy

3. Their product quality

4. Their unique selling propositions (USPs)

5. Any patents or proprietary technology they have

This information will help you understand your competitor’s product strategy and identify any gaps in the market that you can exploit.

Assessing Competitor’s Marketing Strategies

Understanding how your competitors market their products or services is another crucial aspect of competitor analysis. This involves analysing their marketing channels, promotional strategies, advertising techniques, and online presence.

Pay attention to:

1. Their website design and functionality

2. Their social media presence and engagement

3. Their SEO strategies

4. Their content marketing efforts

5. Any partnerships or affiliations they have

This information will give you insights into what marketing strategies work in your industry and help you develop your effective marketing plan.

Evaluating Competitor’s Strengths and Weaknesses

The final step in a competitor analysis is evaluating your competitor’s strengths and weaknesses. This involves looking at their financial performance, customer reviews, employee satisfaction, market share, and other relevant factors.

Consider:

1. Their financial stability

2. Their reputation among customers

3. Their employee turnover rate

4. Their market share growth or decline

5. Any legal or regulatory issues they may be facing

This evaluation will help you understand where your competitors are strong and vulnerable, allowing you to develop strategies that exploit their weaknesses while mitigating their strengths.

What Should a Competitor Analysis Include?

Competitor analysis is a powerful tool that can provide valuable insights for any business. It should include identifying your competitors, analysing their products/services, assessing their marketing strategies, and evaluating their strengths and weaknesses.

Remember that competitor analysis is not a one-time activity but an ongoing process as the business environment changes. Therefore, it’s essential to regularly update your competitor analysis to stay ahead of the game.

In conclusion, conducting a thorough competitor analysis can provide you with the knowledge necessary to outperform your competition and dominate your industry sector.

Let’s talk…

Please enable JavaScript in your browser to complete this form.
Home » Blog » Understanding Competitive Intelligence » What Should a Competitor Analysis Include?

What is competitive intelligence?

Competitive intelligence is the finding & critical analysis of information to make sense of what’s happening & why. Predict what’s going to happen & give the options to control the outcome. The insight to create more certainty & competitive advantage.

This is a drawing of the Octopus Intelligence Logo By Octopus Competitive Intelligence, Due Diligence, Competitor Analysls, Market Analysis, Competitor Research and Strategic Business Development to beat your competitors, increase sales and reduce risk


We Find The Answers To Beat Your Competitors

Bespoke, people-powered competitive intelligence to create insight you can do something with. We help you be more competitive, beat your competitors and win more business.

But enough about us, let's here about you:

Please enable JavaScript in your browser to complete this form.