What Is a Competitor Analysis?
Strengths and weaknesses of your competitors
Marketing activities, strategies, and strengths and weaknesses.
- Competitor product or service offerings: what are they selling? What benefits do they offer? How much are they charging for their products or services?
- Competitor market shares: what percentage of the market share do they have in this area (e.g., 20%, 30%, 40%)?
- Competitor marketing activities: what kind of marketing activities do they use (e.g., radio ads, newspaper ads, online ads)? When do these happen (e.g., during the holiday season only)? How often does this happen (daily/weekly/monthly)?
- Competitor strategies/strengths/weaknesses: what are their strategies for success (e.g., high-quality products at affordable prices)? What strengths does this give them over other companies in the same industry (e.g., resources at hand such as land space)?
Competitor analysis is a fundamental process for today's business planning
- It provides insight into your current industry.
- It helps you to understand what makes one company successful while another fails so that you can model those success factors in your own business plan.
- It allows you to see how companies compete with each other so that you can make sure that yours stands out from the crowd
Curious about the ins and outs of digital marketing?