Conducting a competitive analysis involves several key steps:
Identify Your Competitors: Start by identifying both direct and indirect competitors. Direct competitors offer similar products or services, while indirect competitors meet the same customer needs differently. Analyze Competitor’s Products and Services: Evaluate their product features, pricing, and quality. Understand what differentiates their offerings from yours. Examine Market Positioning: Analyze how your competitors position themselves in the market. Look at their marketing strategies, branding, and unique selling propositions (USPs). Assess Strengths and Weaknesses: Use tools like SWOT analysis to assess the strengths, weaknesses, opportunities, and threats of your competitors. Evaluate Customer Feedback: Look at customer reviews and feedback to understand the perception of your competitors' products and services.