Image for post
Image for post

The article explains how to do Competitor analysis and introduces you to it’s benefits. The article explains it’s usages and helps find out who your main competitors are — their niche, strengths and weaknesses.

Do you know how many competitors are looking at your target customers? How are they approaching them, delivering their offering, and what are they selling? Devise great questions. Answering them will assist you in building your competitive strategy. And in turn, eventually, strengthen your business.

Who are your competitors?

  • Key competitors
  • Next best competitors
  • Newcomers and those companies who could enter the market but are haven’t done so yet.

This analysis will allow you to develop a competitor monitoring strategy without been drowned by data. By conducting Competitor Analysis, you will begin to identify your rivals’ strengths and weaknesses. And the more you know about them the more you will be able to revise your list. And the ones who are the biggest threat to you will become obvious.

Image for post
Image for post

Your key competitors

Now if they are doing as well as they appear to be then looking at what they are doing (and going to do) could allow you to take some of their best bits and use them in your own business. But again are they doing as well as you think they are? Pointless looking for their strengths and weaknesses if it’s just all smoke and mirrors.

Determine what they do better than you

What are you doing better than your competitor? What errors have they made and what can you do to avoid making the same mistake? Once you answer these and other questions, you will be able to feed the analysis into your own competitive strategy.

Dig deeper

  • What does your market think about your competitors?
  • What’s the product or service look and feel?
  • How does it work?
  • What experience does the customer receive?
  • Do they compete on price, are they catering for a younger or older market than you or are they basing their offering on quality?
  • How are they delivering their service or product?
  • What do they charge and how can a customer buy the product or service?
  • How are their online reviews looking?
  • What’s their brand awareness like? Are they trusted?
  • Also, look at patents and licenses. Are they the only ones able to manufacture and sell a particular product?
  • Do they have exclusive supply arrangements? Are they national, regional or international agreements?
  • Do they work, sell manufacturer or distribute differently to you?
  • Can they deliver their products or services cheaper than you?

When answering these questions, keep in mind how you will answer the questions about your own company. How could you differentiate your self from these competitors? What does your competitor think of you? What can you do what your competitor can’t?

Barriers to entry

Start your competitor analysis today

Finally

About Octopus Intelligence

Follow us on Twitter/octopusintell and Linkedin

Written by

We help you beat your competitors, increase revenue, protect equity investments, reduce uncertainty and risk with Competitive Intelligence & Due Diligence

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store