8 minutes read

6 Steps of Competitive Analysis: A Comprehensive Guide

Learn about the 6 steps of competitive analysis, why it is important, and how to conduct information-rich competitive analysis. Discover valuable insights for your business.

Dheeraj Kumar
26/03/2024

What is Competitive Analysis?

Competitive analysis is the process of identifying and evaluating your competitors on various aspects and key categories of business to know their strengths and weaknesses in comparison to your own.

Why Should You Conduct a Competitive Analysis?

Understanding the market, competitors' products, and services helps in identifying potential customers and targeting them better. It also provides insights into pricing strategies and references from competitors.

Four Steps to Conduct Information-Rich Competitive Analysis

1. Build a Framework

Create a spreadsheet with competitor attributes like company website, sales pitch, mission statement, products/services offering, strengths, weaknesses, and key differentiators.

2. Select Your Top Competitors

List direct and indirect competitors and add details to the spreadsheet.

3. Extract Information and Gather Data

Continue collecting data about competitors and send out a competitor analysis survey to target audience for insights.

4. Analyze Data

Consolidate competitor data on products, strengths, weaknesses, market share, strategies, and incorporate findings into marketing strategies.

Are There Other Ways to Gather Competitor Data?

Other methods include signing up for newsletters, following social media channels, subscribing to blogs, and buying competitors' products for direct evaluation.

Conclusion

Competitive analysis is crucial for business success. Automating the process with tools like Probz.ai can streamline data collection and analysis, providing a competitive edge in the market.

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Dheeraj Kumar

data specialist

Archit has been working in the field of data science since 2018. He has worked with various clients in the field of healthcare, education, and finance. He has worked with various clients in the field of healthcare, education, and finance. He has worked with various clients in the field of healthcare, education, and finance.

Member since Mar 15, 2021

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