What’s competitor analysis and discover the benefits it can give you?

What’s competitor analysis and discover the benefits it can give you?

What’s competitor analysis and discover the benefits it can give you?

In this article, you’ll discover what’s competitor analysis and discover the benefits it can give you. No business has a monopoly. None. Small businesses and giant megaliths come across competitors all the time. You must think about your competitors. Understand what they are doing, how they are doing it and why? What are they better at than you, and what are they planning to do next. It’s also important to know what you need to focus on and what you can do with the information.

Stay ahead of your competition

If you want to stay ahead of your competition, it’s important to know what they are up to. This can be done through competitor analysis. This involves understanding what your rivals are doing and how they are doing it. By doing this, you can better adjust your own strategy and improve your chances of success.

This is where competitor analysis helps. At whatever stage your business is at, it’s worth the effort to do one. Competitor analysis will help you identify and isolate your competitors and understand their marketing strategies. And then compare to what you do to assess your own strengths and weaknesses.

It’s a game of two halves

What is Competitor Analysis?

Competitor Analysis evaluates your competitors. To understand and compare them to your way of doing things. To know their current and future direction, how they do business, their strengths and weaknesses, why customers buy from them to increase your competitive advantage.

Most football clubs send scouts out to watch players and their next opponents. To understand their strengths and weaknesses and, most importantly, their habits. Coaches will research their opponent by watching game footage. Sitting in the stands compiling information about every move. To the point where you will know which direction an opposition player will turn in which area of the pitch. 

Football has the added advantage of everything being filmed from many angles. Thousands of fans offer analysis and opinions. And hundreds of articles on every subject about the game and team. 

Competitor analysis is like a football scouting report on your opposition. A tool for creating and setting your game plan that helps your company succeed. And highlights the importance of plan B. Like football managers, it’s often said that businesses dont have a plan B.

What is a competitor analysis? 

Competitor analysis identifies industry competitors and then researches their sales and operational and marketing strategies. Use the information to compare your and competitors’ strengths and weaknesses. It’s a competitive analysis if you are looking at more than just your competitors.

Conduct competitor analysis at a strategic level or one aspect of a competitor. Here we are talking about how to conduct a general competitor analysis. But as all business needs are different, you’ll want to build a process to match your needs and goals.

Why do competitor analysis? 

The smaller you are, the more likely you find yourself juggling many tasks at once. Jack of all trades and masters at the lot! But it’s always a good idea to sit back and think and plan competitor analysis. Competitor analysis has many benefits to your business by helping you and your team:

  • Understand your market better to a point where you can predict what’s next
  • Identify your strengths and weaknesses
  • Spot industry trends and eventually create them
  • Set benchmarks for your future growth
  • Predict your competitors’ next moves

How to do competitor analysis

1: Set your analysis goals

2: Define your market

3: Create a list of your direct competitors

4: Conduct secondary and primary research

5: Analyse competitors

6: Summarise competitor product and market strategies

7: Compare and contrast competitors with your products

8: Maintain up to date competitive analysis

What’s competitor analysis and discover the benefits it can give you?

In conclusion, the benefits of competitor analysis are clear. Competitor analysis is a valuable tool for understanding your competitor’s strengths and weaknesses. This article was called what’s competitor analysis and discover the benefits it can give you. Hopefully, we have shown you that it can provide you with the information you need to improve your business. And to stay ahead of the curve. So, what are you waiting for? Start analysing your competition today!

Art by Richard Boyle

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