How to Do a Competitive Analysis

How to Do a Competitive Analysis | Case Study Included

In order to be a leader in your industry, you need to know how to perform a competitive analysis. A competitor analysis is more than a simple SWOT analysis where you find the strength and weaknesses of your market segment. Evaluating your competitors is highly important and must be done through complete market research using an analysis template like the one that we’re going to present in this article.

Finding out where your competition excels doesn’t have to be a burden if you have the right strategy and necessary tools.

What Is a Competitor Analysis?
Why Perform a Competitor Analysis?
How to Conduct Your Competitive Analysis
Step 1. Find Your Top Competitors
Step 2. Analyze Your Competitors Popularity
Step 3. Identify the Public Perception of Competitors
Step 4. Analyze Your Competitors’ Social Media Strategy
Step 5. Perform an SEO Competitor Analysis

What Is a Competitor Analysis?
Competitor analysis in digital marketing is the process of finding strengths and weaknesses of your competitors, relative to those of your own product or service.

There is no exact competitive analysis definition. Yet, you need to know that the strengths within a competitive analysis are the things that make you unique, your key selling point, the ideas around your whole business – which can be about the product or the team. On the opposite side, the weaknesses point out some deficiencies, and things you could improve, when it comes to your brand, or take advantage from, when it comes to the weaknesses of your competitors.

The competitive analysis has the role to make a valid and accurate market positioning and a report on what you are doing best, and where your competitors excel, and learn from that to win more potential customers.
A competitive analysis also means picking the right competitors and looking at analytics that include business metrics, digital marketing analysis, social media metrics.