Jasmine
VIP Contributor
Competitor analysis means analyzing businesses, companies, products, services, or website that might give you potential threat or competition in the future. When you do competitor analysis, you will check everything about your competitor so that you can devise a strategy to perform better in the future.
How to do competitor analysis in 4 easy steps?
Step 1: Search for your competitors and make a list
You will have to first identify who your actual competitors are. If you are launching toothpaste in your city, another company selling toothpaste will be your potential competitor. You will have to find a competitor in your market, in your community, in advertising, in organic search as well as paid search.
Step 2: Make a note of your competitor
Once you have identified your true competitor, you will have to create their profile and check their history and company bio, market share, and target audience.
Step: Find Out what strategies they have implemented
Now, you know who your competitors are, you will have to learn more about them. Find out what strategies they have implemented in product development, marketing, promotion, advertising, etc.
Step 4: Take actions
The final step of competitor analysis is to build a strategy based on what you have learned about your competitor, and implement what you have learned.
How to do competitor analysis in 4 easy steps?
Step 1: Search for your competitors and make a list
You will have to first identify who your actual competitors are. If you are launching toothpaste in your city, another company selling toothpaste will be your potential competitor. You will have to find a competitor in your market, in your community, in advertising, in organic search as well as paid search.
Step 2: Make a note of your competitor
Once you have identified your true competitor, you will have to create their profile and check their history and company bio, market share, and target audience.
Step: Find Out what strategies they have implemented
Now, you know who your competitors are, you will have to learn more about them. Find out what strategies they have implemented in product development, marketing, promotion, advertising, etc.
Step 4: Take actions
The final step of competitor analysis is to build a strategy based on what you have learned about your competitor, and implement what you have learned.