How to Conduct a Competitive Analysis

A competitive analysis, also known as a grid of competitors, is a valuable tool in your arsenal of marketing. It’s a method to collect information about your competitors, allowing you to compare their options, features and pricing in addition to shipping and discounts.

If you’re planning to launch a new product or looking to find areas of improvement in your existing products, competitive analysis can be an extremely useful tool. The most important thing is to be strategic about how you use the information that comes out of your research and then apply it to your business plan.

Make a list of your competitors who offer similar products or services to those you offer. To do this, type your product category into an online search engine such as Google or DuckDuckGo and examine the results. You can consult your sales representatives for recommendations or check out comments from customers on online forums or social media to find closely related companies.

Once you have a comprehensive list, start looking at the strengths and weaknesses of each business. Make a note of the information in spreadsheets to help you keep your track of the information you uncover.

You should also look at indirect competitors that may be taking money from your customers. They might be less well-known however they could still have significant effects on your client’s bottom line. It is essential to keep a track of the competitive landscape as your clients advance within their respective industries.

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