Complete Competitive Analysis in 7 Steps
Researching competitors in your industry helps you clearly see the competitive landscape, where your brand fits in it, and what you need to do to stand out and succeed. A Competitive Analysis is a process that uncovers who your competitors are and how their products, positioning, strengths, and weaknesses parallel to your brand. It’s an analysis that helps you to analysis competitor research questions like: Where does our brand stand? What can we do that’s the same as our competitors? What can we do that’s different from our competitors? What are the opportunities in our market? What can we do to beat competitors? Where do we need to focus? When you know how to do a competitive analysis , you can gain perceptions that direct your marketing approaches, market direction, and goal conversion. You can: See the strengths of others in your industry and opportunities where you can gain an edge. See what strategies and channels are working well for competitors and industry