What Are the Key Components of Competitor Analysis?
When conducting a competitor analysis, consider the following components:
Identifying Competitors: Determine who your direct and indirect competitors are. Direct competitors offer similar products or services, while indirect competitors fulfill the same customer need in a different way. Strengths and Weaknesses: Analyze the strengths and weaknesses of your competitors. This can include anything from their market share, product quality, customer service, and pricing strategy. Market Positioning: Understand how your competitors position themselves in the market. What is their unique selling proposition (USP)? Customer Base: Identify who their customers are and what needs and preferences they have. Marketing Strategies: Examine their marketing and sales strategies, including social media presence, advertising campaigns, and promotional activities.