COMPETITIVE ANALYSIS

A competitive analysis is the process

of identifying your competitors and
evaluating their strategies to determine their
strengths and weaknesses relative to your own
business, product, and service. The goal of the
competitive analysis is to gather the intelligence
necessary to find a line of attack and develop
your go-to-market strategy.
 Competitive Analysis in Marketing
Every brand can benefit from regular competitor analysis. By performing a competitor analysis,
you'll be able to:

 Identify gaps in the market

 Develop new products and services

 Uncover market trends

 Market and sell more effectively

Importance Of Competitive Analysis

Besides the rationale that the competitive analysis process helps you determine the
strengths and weaknesses of the competitors to discover short term and long-term
opportunities and threats, conducting a competitive analysis is essential because it helps
you:

 Build an understanding of how the existing market operates and how potential
customers rate the competition.
 Get a good idea of what exactly does the customers require and how you can sell it
to them.
 Develop strategies for how to grow in the current market and expand into new
markets.
 Develop differentiated offerings which stand out of the crowd with their competitive
advantages.

Purpose Of Competitive Analysis

Usually, there isn’t just one reason to conduct a competitive analysis. Competitive analysis
in marketing is done to –
 Understand Market Conditions Better
It’s rare when a company competes against just one competitor. Competitor analysis helps
you identify all the current and potential direct and indirect competitors, which could hinder
your entry or growth within the market.

Find Untapped Opportunities And Upcoming Threats

Competitive analysis is the analysis and evaluation of the strengths and weaknesses of the
market players. This analysis often results in finding untapped opportunities that can be
capitalised on for a short term or long term gain. These opportunities could be the
weakness within the –

 Product development cycle of the competitor(s)

 Marketing and sales process of the competitor(s)
This analysis also results in identifying an upcoming threat in the form of a new competitor
or changing market trends.

Come Up With Better Strategies

When you know how the market currently works and what’s in the box, it’s easier to think
out of the box and come up with more effective and efficient (corporate and competitive)
strategies that will provide the business with a distinct advantage.

Help Develop Competitive Barriers

A careful analysis of competitors is instrumental in developing barriers which are hard to
break. Timely competitor analysis also helps in developing barriers to prevent the entry of
new competitors in the market.

How to do a Competitive Analysis

1. Determine who your competitors are.

2. Determine what products your competitors offer.

3. Research your competitors sales tactics and results.

4. Take a look at your competitors' pricing, as well as any perks they offer.

5. Ensure you're meeting competitive shipping costs.

6. Analyze how your competitors market their products.

7. Take note of your competition's content strategy.

8. Learn what technology stack your competitors' use.

9. Analyze the level of engagement on your competitor's content.

10. Observe how they promote marketing content.

11. Look at their social media presence, strategies, and go-to platforms.

12. Perform a SWOT Analysis to learn their strengths, weaknesses, opportunities, and threats.