Introduction

You’ve heard “competitive analysis” before, but what does it mean? And more importantly, how can you do one for your business?

Don’t worry, it is not complicated as it sounds. Competitive analysis is simply a process of assessing your competitors and their strategies to determine what works and what doesn’t. Then, you use that information to improve your own business.

In this post, we’ll walk you through the five steps to doing a competitive analysis.

What Is Competitive Analysis?

Imagine you’re a business owner who’s looking to expand your company. You’ve come across a new market that you’re interested in, but you’re not sure if it’s worth the investment. How do you make that decision?

The first step is to do a competitive analysis. This is where you take a look at your competition and see how they’re doing in that market. you want to know what kind of products they’re selling, what their prices are, how they’re marketing their products, and so on.

Once you have all that information, you can start to figure out where your company fits into the mix. If you’re priced too high or if your products are too different from what’s already available, then it might not be the right market for you. But if you can find a way to compete and offer something unique, then you might have a chance at success.

Why Is Competitive Analysis Important?

It’s important to do a competitive analysis before you launch your product or service.

Why? Because you need to know who your competitors are, what they’re offering, and how they’re positioning themselves in the market. By understanding all of this, you can develop a strategy that will help you stay ahead of the competition.

There are a few key things you need to look at when doing a competitive analysis:

1. The products or services your competitors offer
2. How they’re marketing these products or services
3. The pricing of their products and services
4. The strengths and weaknesses of their products or services
5. How well they’re doing in terms of market share

How to Do Competitive Analysis?

Competitor analysis

Now that you know what competitive analysis is, let’s talk about how to do it.

There are five easy steps:

1. Figure out your competitors. This can be done in a few ways: by doing a Google search, looking through industry reports, or simply asking other businesses in your area who they consider being their competition.
2. Analyze your competitors’ strengths and weaknesses. What do they do well? Where could they improve? What are their prices? How are their services & products different from yours?
3. Come up with a strategy for how you can take advantage of your competitors’ weaknesses. Maybe you can offer a lower price, have a better product or service, or target a different market.
4. Monitor your competitors’ progress. As they make changes, so should you. This will help ensure that you stay ahead of the curve and maintain your competitive advantage.
5. Repeat the process regularly. Competitive analysis is an ongoing process that should be done regularly to make sure you’re always one step ahead of the competition

What Are the Benefits of Competitive Analysis?

Let’s talk about the benefits of competitive analysis. When you do a competitive analysis, you get to see what your rivals are doing and how they’re positioning themselves in the market. This is a great opportunity to learn from your competitors and see what’s working for them.

You can also use competitive analysis to spot new opportunities in the market. Maybe your rivals are neglecting a certain segment or targeting the wrong market altogether. Whatever it is, you can find out by doing a competitive analysis.

And finally, competitive analysis helps you understand your strengths and weaknesses. You can see where you stand concerning your competitors and identify areas where you need to improve. Armed with this information, you can work on growing your business and becoming more successful.

How to Use Competitive Analysis to Improve Your SEO?

You can use competitive analysis to improve your SEO in a few ways.

First, you can use it to keep tabs on your competition. What are they doing and what works well for your competitors? What keywords are they targeting? What content are they creating?

Then, you can use that information to improve your SEO. If you see that a competitor is ranking well for a certain keyword, for example, you can create content around that same keyword to try and steal their traffic.

You can also use competitive analysis to get an idea of what types of content are resonating with your audience. If a competitor is getting a lot of shares for a certain type of content, you might want to consider creating something similar.

Competitive analysis is a great way to get insights into your competition, your audience, and what type of content works the best online.

Conclusion

So, what is competitive analysis? In a nutshell, it’s the process of examining your competitors and the strategies they use to gain an edge over you.

Done correctly, COMPETITIVE ANALYSIS can help you identify your strengths and weaknesses, as well as the opportunities and threats that are posed to your business.

Follow these five steps to carry out a successful COMPETITIVE ANALYSIS of your own:

1. Identify your competitors
2. Analyze their strategies
3. Assess your strengths and weaknesses relative to theirs
4. Look for opportunities and threats
5. Plan your next steps