When working with a new brand, one of the highest priorities for any marketer should be to conduct a competitive analysis. This process involves comparing your competitors against your brand to understand their core differentiators, strengths, and weaknesses. It’s a detailed breakdown of each competitor’s market position, sales and marketing tactics, growth strategy, and other critical aspects to see what they’re doing right and find opportunities for your business.
A competitive analysis report helps marketers understand a brand’s position in the market, map competitors’ strengths and weaknesses, and discover growth opportunities. In this article, we’ll dive into the steps needed to conduct competitor analysis and identify ways to outperform top brands in the market.
What is Competitive Analysis?
Competitive analysis is the process of comparing competitors against your brand to understand their core differentiators, strengths, and weaknesses. It’s an in-depth breakdown of each competitor’s market position, sales and marketing tactics, growth strategy, and other business-critical aspects to see what they’re doing right and find opportunities for your business.
Why Conduct a Competitor Analysis?
Still unsure about investing time and effort in analyzing your competitors? Consider these six main reasons I perform a competitive analysis exercise when working with a brand:
- Find competitors’ strengths and weaknesses.
- Identify opportunities.
- Identify your differentiators.
- Understand your target audience better.
- Discover new competitors.
- Set benchmarks for success.
How to Conduct Competitive Analysis in 5 Quick Steps
As a content marketer, conducting a competitive analysis for brands is essential. With the increasing use of AI in research, the process has become easier and less time-consuming. Here are the five quick steps I follow to analyze competitors:
- Identify and categorize all competitors.
- Determine each competitor’s market position.
- Extensively benchmark key competitors.
- Deep dive into their marketing strategy.
- Perform a SWOT analysis.
Competitive analysis is an ongoing process that evolves as competitors change strategies and market dynamics shift. By combining thorough research with the templates and steps we’ve covered, you’ll be well-equipped to understand your market position and make informed decisions to drive your business forward.
Competitive Analysis Templates
To help streamline the competitive analysis process, we’ve created 10 free templates that make it possible to see how you stack up against the competition and identify opportunities for growth.
How Does Your Business Stack Up?
Competitive analysis is crucial for business growth, but it starts with understanding your own position. Before comparing competitors, establish your own baseline. By combining thorough research with the steps we’ve covered, you’ll be well-equipped to make informed decisions to drive your business forward.
Competitive Analysis: FAQs
Here are some frequently asked questions related to competitive analysis: