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Competitive analysis is the process of researching your competitors so that you can understand their sales and marketing approaches, their products, and the strengths and weaknesses of their business model.
It’s a strategy that means, once you’ve carried out this in-depth research, you will be better placed to understand where and how you fit into the market landscape, and what you can do to be better than your competition.
A thorough business competitive analysis example will look at a number of factors. If you are looking to do a competitive analysis, you will need to cover the following -
Competitive landscape analysis can take a fair bit of time and you’d be forgiven for thinking you should be using the time to focus on your own business. However, even though it may feel like your focus is veering in the wrong direction, this industry competitive analysis will stand your business in good stead once you’ve carried out your investigations.
Before you start out on your competitive analysis journey, you need to understand what it is you’re actually trying to work out, and whether you have any theories behind why you think a business may be doing better than you. Once you’re clear on your motives for carrying out your analysis, you can pick the technique that’s right for you. Some of the most common competitive analysis techniques include -
This technique involves organising your top competitors in relation to their marketing strategy, and seeing where your business fits in alongside them. When you’ve done this you’ll be able to see who your closest competitor is, and will then be able to use this knowledge to ramp up your marketing strategy, get the edge over your competitor and push forward with your business goals.
Strengths, Weaknesses, Opportunities and Threats to give its name in full. This technique ensures you focus your time on working out what external and internal factors are affecting your business. Once you’ve taken a look at your own company, you can then use it to help you better understand how SWOT affects your main competitors.
BCG stands for Boston Consulting Group and this is a super-efficient planning tool that helps you see what your business should do more of, get rid of, or invest in. It’s an ideal long term planning tool that really helps you understand where your business’s strengths and weaknesses may lie.
When it comes to building a business, there are multiple competitive analysis advantages.
It’s a process that you should absolutely consider doing if you haven’t done so already, and in actual fact, it makes sense to regularly schedule time in to do a competitive analysis. As the market is continuously changing, expanding, and customers’ needs develop too, so too should your business. Here are the top reasons why competitive analysis for marketing plan and business progress is advantageous -
Customer reviews aren’t just helpful for potential customers, you can use them to understand what you’re doing right and what needs to be worked on. You can check out your competitors’ reviews as well as your own and spend time comparing recurring themes that come up within them.
If you take time to analyse your competition, you should be able to figure out exactly where your USP lies. What do they do, that you don’t and vice versa? Where do you excel, where they fall flat? Understanding where you fit in the market will help you appreciate your USP and make sure it’s at the forefront of your business.
When you spend time on a competitive landscape analysis, you’ll be able to appreciate current trends in the market and help identify possible future changes too. This is vital if your business is going to keep up with your customers’ needs and be a go-to brand for years to come.
Competitive analysis is an in-depth process that shouldn’t just be done once, but should, in fact, be done as part of your business’s growth plan. You need to keep a regular eye on your competitors if you are going to continue to place among them and maintain your relevance in the industry.
If you’d like the experts to take your competitive analysis to the next level, get in touch with Creative Ideaz today and find out how we can help your business to be bigger and better than ever.
Blog update: Tuesday, 13 December 2022
Competitive analysis is a process of examining the strengths and weaknesses of your competitors and understanding how they operate. It can help you identify opportunities to improve your business, stay ahead of the competition, and make more money.
In today's constantly changing business landscape, it's essential to analyse your competition to stay ahead of the curve regularly. Here are some reasons why you should be conducting competitive analysis in 2023:
1. To understand what products and services your competitors offer - By knowing what products and services your competitors offer, you can determine whether there is a need for them in the market and assess the level of threat they pose to your business. You may also find new areas to expand into by offering similar products and services your competitors don't provide.
2. To identify new marketing strategies - Competitive analysis can help you uncover new marketing strategies that your rivals use to attract customers. This information can help you develop better strategies for reaching your target audience and boosting sales.
3. To assess the effectiveness of your marketing efforts - It's important to track how well your marketing efforts are performing over time. Competitive analysis can help you measure how effective different marketing channels are in attracting customers compared to those used by your competitors. This can help you identify the channels generating the best results so that you can focus your efforts on those channels in the future.
4. To stay ahead of the competition - Conducting regular competitive analysis will help you understand their strategies and how effective they are. It will also allow you to spot new trends and changes in your industry, so you can be one of the first to take advantage of these opportunities.
5. To develop a stronger business strategy - A strong competitive analysis process will help you continually improve your business strategy over time as you gain insights into new market conditions, customers' needs, competitor tactics, and emerging technologies. In short, it will help you stay ahead of the curve and give your business a competitive edge.