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+--- Thread: How to do Competitor Analysis (/showthread.php?tid=630)
How to do Competitor Analysis - InvestmentGuru - 01-01-2024
Competitor analysis involves studying businesses, products, or services that could pose a threat or competition in the future. Here's a simple 4-step guide on how to do it:
- Identify Competitors:
- Find out who your actual competitors are. If you're launching toothpaste, another toothpaste company in your city is a potential competitor.
- Identify competitors in your local market, community, advertising, and both organic and paid search.
- Find out who your actual competitors are. If you're launching toothpaste, another toothpaste company in your city is a potential competitor.
- Create Competitor Profiles:
- Once you've found your competitors, create profiles for them.
- Include details like their history, company bio, market share, and target audience.
- Once you've found your competitors, create profiles for them.
- Analyze Their Strategies:
- Dive deeper into your competitors. Learn about their strategies in product development, marketing, promotion, and advertising.
- Understand how they operate in the market.
- Dive deeper into your competitors. Learn about their strategies in product development, marketing, promotion, and advertising.
- Develop Your Strategy:
- Based on what you've learned about your competitors, devise your own strategy.
- Implement the insights you've gained to perform better in the future.
- Based on what you've learned about your competitors, devise your own strategy.