If you've identified a relevant customer group your competitors aren’t focusing on, focus some of your product development and marketing efforts on serving that segment’s needs. Record everything in your competitor analysis report. Competitive Analysis Example (Step by Step) I did a basic compe...
Use a competitor analysis template to compare the strengths and weaknesses of your business to those of your competitors.
includes detailed research of environment in which organization is operating and activities of the main players in given field, their strategies, intentions and opportunities, also includes the Porter’s five forces analysis, Value chain analysis and ends by detailed SWOT analysis of competitors. The...
Secondary competitors– businesses that sell products in the same category. For example, a secondary competitor to a brewery is a vineyard. Tertiary competitors– businesses that are not your direct competitors but might become one in the future (if you expand your product line or service). Direc...
Direct competitors: These are businesses offering products or services similar to yours, targeting the same customer base. Think of them as your rivals in the same lane. For example, if you sell handmade jewellery online, your direct competitors would be other online retailers selling similar ...
Business experts use the right blend ofqualitative and quantitative datato achieve success in the contemporary world. In addition to measuring profits and sales, they even dare to ask the bigger questions: How can we improve our business? What can we learn from our competitors?
Here are some examples of competitive analysis in action to show how different businesses might use this template in real-world scenarios. Coffee shop: A local coffee shop might use the competitive analysis template to track nearby competitors’ drink prices, menu variety, and peak hours. They mi...
Competitive analysis can cover a wide range of areas, key metrics and more. Depending on your industry, some of these will be more crucial than others. Regardless, the more thorough the analysis, the more effective it will be in determining both direct and indirect competitors....
Competitor analysis example: what does one look like? There’s no single way to do a competitive analysis. How it looks will vary depending on what you’re trying to learn about your competitors. You might do a competitor analysis on a specific part of your competitors’ operations—like the...
When looking at competitors, it’s tempting to obsess over messaging. However, it’s more prudent to take a data-driven approach to analysis first. Try to pick out as many metrics before trying to break down the “why” of their marketing. For example, how often do your competitors post...