Knowing who you are in competition with is vital to your growth strategy, no matter if you’re a reputable brand or a young startup. For that you’ll need to conduct a competitive analysis. This is an assessment of your competition’s strengths and weaknesses that can inform both your defensive and offensive strategic context.
You can hire an outside market intelligence company to help you with this work however, you can conduct a thorough and efficient competitive analysis on your own. BDC Senior Business Analyst Mallika Kazim provides her 5-step approach to competitor analysis to help you know your competitors’ strengths and weaknesses. This will guide your growth strategy.
Competitor analysis is a key step in creating your product, marketing and sales roadmaps and also setting benchmarks for your success. It’s a great way to concentrate on specific aspects in the market to see how your product and services compare to the competitors. In addition to the primary products your competitors offer A thorough analysis of your competitors should cover their pricing strategy and positioning, as well as an in-depth analysis of how they communicate what www.businessintergation.com/2023/06/18/the-importance-of-competitive-analysis differentiates them from other brands.
Start by identifying the competitors that are closest to you on the market. You’ll then conduct in-depth research using a combination of primary and secondary sources–sources that include information gathered by your team or user research tools like Ahrefs or SEMrush. Once you’ve collected your research make sure you organize it with a competitor matrix (or grid of competitors) to make the information easier to digest. This will help you spot larger trends that may influence your strategy.