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How to do a competitive analysis

How to mix digital and offline channels for competitive advantage

How to do a competitive analysis


  1. Introduction to competitive analysis
  2. Definition of competitive analysis

Competitive analysis is a crucial process that helps businesses gain a deeper understanding of their industry landscape and identify opportunities for growth and improvement. It involves systematically evaluating competitors’ strengths and weaknesses to discover valuable insights for strategic decision-making.

  1. Importance of competitive analysis in business

Competitive analysis is a cornerstone of successful business planning. It allows companies to anticipate market trends, identify gaps in their offerings, and assess their position against competitors. By gathering actionable data, businesses can craft informed strategies that enable them to outperform rivals.

Ii. Identifying competitors

  1. Direct competitors
  • Definition of direct competitors

Direct competitors are companies that offer similar products or services, target the same customer base, and operate within the same market space. They are the most apparent threats to your business’s success.

  • How to identify direct competitors

To identify direct competitors, start by defining your unique selling proposition (USP) and target audience. Conduct market research, keyword analysis, and monitor industry trends to discover businesses vying for the same market share.

  1. Indirect competitors
  • Definition of indirect competitors

Indirect competitors are businesses that offer substitute or complementary products or services, targeting a slightly different market segment but still competing for customers’ attention and spending.

  • How to identify indirect competitors

Identify indirect competitors by broadening your scope during market research. Look for products or services that solve similar customer problems or fulfill similar needs, even if they operate in different markets.

Iii. Gathering data and information

  1. Market research

Conducting comprehensive market research involves gathering and analyzing data about your industry, target market, and competitors. Leverage surveys, interviews, and online tools to gather valuable insights.

Utilizing market research tools

Use high-volume keywords and SEO tools like google trends, semrush, or ahrefs to identify popular industry-related search terms and gather data on market demand and trends.

  1. Industry reports and publications
  • Accessing industry reports

Obtain industry reports from reputable sources, trade associations, or market research firms to gain a comprehensive overview of the competitive landscape and emerging trends.

Identify patterns and insights from industry reports to adapt your business strategies, capitalize on trends, and address potential threats proactively.

  1. Customer feedback and reviews
  • Using customer feedback for analysis

Gather customer feedback through surveys, feedback forms, and social media interactions. Analyze customer preferences and pain points to understand how your offerings compare to competitors.

  • Reviewing online customer reviews and ratings

Analyze customer reviews and ratings of competitors’ products or services to gauge customer satisfaction and identify areas where you can excel.

Iv. Analyzing competitor products and services

  1. Product/service features and specifications
  • Identifying key features

Identify the key features and specifications of competitor products or services that resonate with customers.

  • Comparing features with your offerings

Compare your own products or services with those of competitors to identify strengths and areas for improvement.

  1. Pricing strategies

Analyzing competitor pricing

Analyze competitor pricing to ensure your pricing strategy is competitive and attractive to customers.

Evaluating your pricing position

Determine your pricing position in the market and adjust as necessary to maintain profitability and customer satisfaction.

  1. Marketing and promotional tactics

Study competitor marketing efforts to gain insights into their messaging and promotional tactics.

  • Assessing the effectiveness of your marketing efforts

Compare the success of your marketing strategies against competitors to refine your marketing approach.

  1. Assessing competitor strengths and weaknesses
  2. Swot analysis
  • Understanding swot analysis

Perform a swot analysis (strengths, weaknesses, opportunities, threats) for each competitor to identify their internal advantages and vulnerabilities.

  • Applying swot analysis to competitors

Use the swot analysis to develop a comprehensive understanding of each competitor’s position in the market and their potential impact on your business.

  1. Unique selling proposition (USP)
  • Identifying competitor USPS

Identify the unique selling propositions of your competitors – the factors that differentiate them from others in the market.

  • Creating and enhancing your USP

Based on your competitor analysis, refine your own USP to highlight your strengths and set your business apart.

Vi. Understanding market share and positioning

  1. Market share analysis

Use market research data to calculate your market share and compare it to competitors to gauge your market position.

Understanding your market share relative to competitors will reveal areas where you can improve and increase your market presence.

  1. Positioning in the market
  • Defining market positioning

Define your brand’s market positioning – the space it occupies in consumers’ minds relative to your competitors.

  • Evaluating your positioning against competitors

Evaluate your brand’s positioning against competitors to identify opportunities to enhance your market standing.

Vii. Monitoring competitor activities

  1. Tracking competitor changes
  • Monitoring product/service updates

Stay vigilant about changes in your competitors’ offerings, whether it’s new features or updates to their products or services.

Regularly monitor competitors’ pricing strategies and promotional activities to respond effectively.

  1. Competitor news and events
  • Staying informed on industry news

Stay up-to-date with industry news and trends to anticipate potential changes in the competitive landscape.

  • Reacting to competitor events

Monitor competitor events and launches to respond swiftly and effectively, ensuring you remain competitive.

Viii. Identifying opportunities and threats

  1. Identifying opportunities
  • Leveraging competitor weaknesses

Identify and capitalize on competitor weaknesses to gain a competitive advantage.

  • Identifying unmet customer needs

Identify gaps in the market and unmet customer needs that your business can fulfill, setting yourself apart from competitors.

  1. Recognizing threats
  • Addressing competitor strengths

Develop strategies to counter competitor strengths that could pose a threat to your business.

  • Adapting to market changes and challenges

Stay adaptable to market changes and challenges, adjusting your approach as needed to remain competitive.

Ix. Implementing changes based on analysis

  1. Creating an action plan
  • Setting objectives and goals

Based on the insights from your competitive analysis, set clear objectives and goals for your business.

  • Developing strategies for implementation

Develop actionable strategies to achieve your objectives, taking into account your competitive insights.

  1. Continuous monitoring and adjustment
  • Tracking progress and performance

Continuously monitor and measure the performance of your strategies to ensure they align with your goals.

  • Adapting to new competitive insights

Stay agile and be prepared to adjust your strategies based on new competitive insights and changes in the market.

In conclusion, a well-executed competitive analysis provides businesses with a roadmap for success. By understanding their competitors and the broader market landscape, companies can make informed decisions, capitalize on opportunities, and remain resilient amidst challenges. Remember, continuous improvement and adaptation are key to thriving in an ever-changing business environment.

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