Start Competitive Analysis Today With These Easy Steps

Start Competitive Analysis today with these easy steps

You may feel that your market is getting more and more competitive. It’s the usual suspects. The startups and established brands thinking they can take a piece of your market. This article how to start Competitive Analysis today with these easy steps.

1. Understand you must differentiate

Now more than ever, you must differentiate your value proposition. You and all your teams have to you know your competitive landscape. From who your key competitors are to how they compare with each other.

What is Competitive Analysis?

Competitive Analysis determines the attractiveness, customers, competitors and the dynamics of a particular market within a specific industry sector. Develops an understanding of the relationship between supply and demand, strengths, weaknesses, opportunities and threats for your product or service to enable you to make more informed decisions about potential marketing strategies.

2. Understand the basics

Analysis needs to focus on each key competitor financial stability, growth and profitability. To understand if their performance is above or below expectations. The influence they have on the market. And their marketing value proposition and messaging.

  • How many people work for them?
  • How well funded are they? Where did they raise the funding?
  • How long have they traded?
  • What’s their annual revenue?
  • What are their profits?
  • Their revenue per employee?
  • And many more

4. Market positioning and messaging

Take a look at how each competitor positions themselves in your market. Determine what their value proposition is. Understand what value the competitor brings to the market. And how your competitor articulates their position within your mutual target audience. Start by answering these questions:

  • What do they say to their prospective customers?
  • What messages do they articulate to the market?
  • Does it make them unique?
  • What makes them better than you?

5. Market reach and influence

Now see who’s attracted to them. An excellent place to start is to look at each competitor’s target audience. Answer the following questions. Remember to ask yourself what could I do to make myself more attractive than them:

  • How popular are they on social media?
  • What are they saying on social media?
  • How many followers do they have?
  • And how engaged are their followers?
  • What are they trying to portray on social media?
  • Are they seen as an industry authority?
  • Are they controlling the conversation?
  • How does their social media presence compare to their website popularity?
  • Which platforms do they publish content on?
  • How many followers do they have on the platforms?
  • Who is engaging with them by liking, sharing and commenting? What does the engagement tell you?

Conclusion

Start Competitive Analysis today with these easy steps.

Your market is getting more competitive. It’s not just the usual suspects. It’s the startups and established brands thinking they can steam roller over you. This article suggested how to start Competitive Analysis today with these easy steps. In our experience, we find that companies miss the basic stuff because it’s deemed as unimportant and a waste of time. But it’s the bedrock for the foothills of insight.

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