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How To Conduct A Competitive Analysis

Competitors are a huge part of any company; they play a crucial part in the business. Competitors, oftentimes, will be able to tell you more about your company then your own company will be able to. They’ll give you valuable information about the business industry that isn’t always available for researching. 

Sizing up your competitors is a huge part of this. Basically, in a sense, this is exactly what a competitive analysis is. By doing a competitive analysis you’ll find that you have an advantage over your competitors which you may not have right now. 

Keep reading to not only find out exactly what a competitive analysis is, but also some of our top tips and tricks for how to complete an excellent one. 

What A Competitive Analysis Is and Why It’s Important 

A competitive analysis is a study of your competitors. By assessing your competitors and studying their company you’ll be able to better identify their strengths and weaknesses. Once you’ve identified these, they’ll help you to better apply methods to your company to help you be successful.  

When doing your competitive analysis you’ll find that there are multiple fields to cover. This may include assessing your competitor’s marketing strategies, their target audience, examining their social media, and other important areas. 

By doing this, you’ll learn two incredibly important things; where you can improve your company, and what mistakes you don’t want to make within your company. These two things aren’t what you can get in a textbook or from the internet; they’re the only things that you can learn from seeing them happen. 

How Can I Do A Competitive Analysis? 

We know how simple it may sound to just watch your competitors. But the truth is that to complete a thorough, well-formed competitive analysis you’ll need an excellent template that works. How to do this? Let’s see. 

The Internet 

This is where you’ll find more than half your information and where you should always begin. Although you may be thinking that, with the internet, you should be beginning by searching for your competitor’s name, this is a mistake. You’ll start by searching for your own company’s name. 

By doing this, you’ll have multiple competitors pop up in the results. This is the first step to your competitive analysis because then you’ll learn which is your biggest competitor and which you should be watching. 

There’s no point in doing a competitive analysis on a competitor that isn’t successful. Make sure that before you’ve chosen a competitor, check the quality of their content and website rankings. If both show that they aren’t successful, then you probably want to move on. 

Create A List 

The next step is to create a list of your competitors. Before you can begin to watch and assess your competitors, you have to not only know who they are and how successful they are. Although I’m sure that you already have a good idea of who your competitors are, this isn’t enough.

You have to be thinking about your competitors in an entirely new mindset. This includes examining your direct competitors, indirect competitors, and other competitors. This may sound like a lot, but it’s always worth it. For each competitor, you should be making detailed lists and fully examining each section. This is the base for your competitive analysis and without it, your competitive analysis is useless. 

Compare Websites 

A good competitive analysis includes considering what the other businesses in your industry are doing online. As I’m sure you know, a website will tell you quite a bit about a company. You can get valuable information about a company from looking at their online content. 

When comparing websites with your competitors, examine the simple things on your competitor’s website. Take a look at the tone that they use on their homepage, look at their images; what do they tell you? They can tell you much more then you expect if you look close enough.

Social Media 

 Social media tells all. If you want to know what your competitors are up to, social media will be sure to tell you all that you want to know. Ensure that you’re not only looking at what they post on social media, but also who they’re interacting with. 

Look at who they’re following and talking to. Look at what social media platforms they’re using and where they’re the most successful. Chances are that if they’re thriving on Instagram, that might be a good social media for your company as well. Closely examine the tone and language that they use on Instagram and Facebook. You’ll learn a lot about your competitors from social media.

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