How to do Competitor Analysis

[InvestmentGuru]

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:

1. 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.
     
2. 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.
     
3. 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.
     
4. 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.
     

This simple process helps you understand your competition and make informed decisions to stay ahead in the market.