Competitive analysis

A competitive analysis is a strategy that involves researching major competitors to gain insight into their products, sales, and marketing tactics. Implementing stronger business strategies, warding off competitors, and capturing market share are just a few benefits of conducting a competitive market analysis.

A competitive analysis can help you learn the ins and outs of how your competition works, and identify potential opportunities where you can out-perform them.

It also enables you to stay atop of industry trends and ensure your product is consistently meeting — and exceeding — industry standards.

Let’s dive into a few more benefits of conducting competitive analyses:

  • Helps you identify your product’s unique value proposition and what makes your product different from the competitors’, which can inform future marketing efforts.
  • Enables you to identify what your competitor is doing right. This information is critical for staying relevant and ensuring both your product and your marketing campaigns are outperforming industry standards.
  • Tells you where your competitors are falling short — which helps you identify areas of opportunities in the marketplace, and test out new, unique marketing strategies they haven’t taken advantage of.
  • Learn through customer reviews what’s missing in a competitor’s product, and consider how you might add features to your own product to meet those needs.
  • Provides you with a benchmark against which you can measure your growth.

How to do a Competitive Analysis

  1. Determine who your competitors are.
  2. Determine what products your competitors offer.
  3. Research your competitors’ sales tactics and results.
  4. Take a look at your competitors’ pricing, as well as any perks they offer.
  5. Ensure you’re meeting competitive shipping costs.
  6. Analyze how your competitors market their products.
  7. Take note of your competition’s content strategy.
  8. Learn what technology stack your competitors’ use.
  9. Analyze the level of engagement on your competitors’ content.
  10. Observe how they promote marketing content.
  11. Look at their social media presence, strategies, and go-to platforms.
  12. Perform a SWOT Analysis to learn their strengths, weaknesses, opportunities, and threats.