Competitive analysis: what does one look like?
Depending on what you want to discover about your competitors, the competitive analysis can be very different. You can conduct a competitive study on a specific aspect—for example, a competitor’s website strategy—or you can take a broad look at their marketing strategy as a whole.
There are many different methods to arrange a competitive analysis, so let’s take a look at the various forms of data that are commonly found in this type of research.
If you’re undertaking a high-level competition analysis, you’ll want to be sure to include a few key components regarding competitors’ market positioning, such as:
– Who are their ideal clients?
– What is their business and product’s major differentiator/unique value add?
– They highlight key features/benefits in their sales materials.
– Price points for products on a number of different marketplaces
– How do they go about shipping
– Whether they’ve gotten any venture capital or funding
– These sections will give you a closer look at what distinguishes your competitors from one another and how they’re attempting to set themselves apart from the competition in your area.