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What is in a competitive analysis?

A competitive analysis is the process of categorizing and evaluating your competitors to understand their strengths and weaknesses in comparison to your own. In other words, it’s not a complicated idea. It’s common knowledge that the better you understand your competitors, the better chance you have of beating them. The concept might be simple, but the process is more complicated. A competitive analysis can cover a whole range of areas, metrics, and disciplines. Some of these will be more important dependent on who you are, but the more exhaustive you are the more effective your competitive analysis will be.

There are three steps to a competitive analysis. The first is to identify the competitors, the second is to collect data related to basic statistics, finances of the company, messaging, pricing, recruitment and career, website content, social media analysis, SEO analysis, links and domains and so on. This will give a clear idea about the current scenario of the competitors, their profits and future forecast. The final step is putting all of this information together to understand the scenario and determine the threat that they bear to the other companies in the same discipline.

Competitive analysis template

There are various templates for different parts of competitive analysis. For example, there is a template that enables someone to analyse the marketing mix strategies of the competitors. There are also templates that enables competitive SEO and content analysis. There are templates to analyse competitor affiliates and referral strategies. PPC and Display campaign intelligence can also be analysed using templates. These templates provide an easier way to look at all the competitors together and get a more comprehensive picture of the company’s standing in the market by comparing real time data from the internet.

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Competitive landscape analysis

A competitive landscape analysis is a way of identifying and examining your rival’s product offering, social media content, and marketing strategies to improve your own business. There are several benefits for completing a competitive landscape analysis. First, it helps you delineate how you differ from your competitors and to better communicate differences to customers.

Second, once you’ve completed your analysis, you will be able to target marketing and sales to accentuate where you outperform your competition. You can better market to your target audience as you become aware of the perceived shortcomings of your competitors. Third, it can help you develop a strategic mindset as you learn to evaluate not only your direct competitors, but also your secondary and even tertiary competitors from around the global marketplace. The following steps are included in the analysis:

1. Create a competitor content analysis
2. Social media monitoring
3. Create a competitive matrix

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Competitive market analysis

Competitive market analysis is similar to generic competitor analysis and it includes the same steps as that, identifying the competitors, collects their performance data both online and offline and bring everything together to make a clear understanding. However, it also requires other steps to be followed as well.

Competitive market analysis could be conducted with the following steps:

1. Identify and discuss key areas of competitive advantage and disadvantage. Review the competitive environment for your product or service. Comment on both similar and substitute products or services.
2. Summarize the major problems and opportunities facing your firm which may require action. Issues that should be considered include types of market penetration, distribution coverage, product line needs, price revisions, and/or cost reductions.
3. Integrate your analysis of the competition with demographic analysis of your market to develop and implement a marketing strategy that will strengthen your market position.

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Competitive analysis research

Competitive analysis research includes two major parts. Gathering competitor information and interpreting and analysing that information. the areas that should be researched for a competitor analysis are,

• What is the full range of products and services they offer?
• Are their products or services aimed at satisfying similar target markets?
• Are my competitors profitable, expanding, or scaling down?
• What are their marketing and promotional strategies?
• What are their positive and negative attributes in the eyes of customers?
• How do they rate in terms of price, quality, sales, image/style, value, name recognition, market share, customer service, location, convenience and more.

For interpreting and analyzing the competitor information, the following steps can be taken:

1. Evaluate their product features and benefits
2. Determine your competitor’s market share
3. Price offered by competitor
4. Financial resources
5. Operational efficiencies
6. Product line breadth
7. Strategic partnerships
8. Company morale or personnel

Competitive analysis in marketing

However, all these are for your own company. Marketing competitor analysis is done with relation to your competitors. That is to say, you do the analysis of your competitor’s firm. In marketing competitor analysis, you assess the strengths and weaknesses of your rivals.  You try to figure out what situations may provide an opportunity for them. Find situations which are likely to become a threat for them as well. A marketing competitor analysis is a critical part of your own marketing strategy. By doing the analysis, you can formulate how to run your business. This can be seen as a reactive approach. That is to say that you are basing your strategy as a reaction to how your competitor will run his company.

Competitive advantage analysis

Competitive advantage means superior performance relative to other competitors in the same industry or superior performance relative to the industry average. The competitive advantage analysis is a statement of the business strategy and how it relates to the competition. The purpose of the competitive analysis is to determine the strengths and weaknesses of the competitors within your market, strategies that will provide you with a distinct advantage, the barriers that can be developed in order to prevent competition from entering your market, and any weaknesses that can be exploited within the product development cycle. Through your competitor analysis you will also have to create a marketing strategy that will generate an asset or skill competitors do not have, which will provide you with a distinct and enduring competitive advantage.

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