A competitive analysis is of little practical use if you don’t look at your own products and marketing materials with the same inquisitive eye, and then place your findings side by side with your competitors, stand shoulder to shoulder and see how you match up.
How to Do a Competitive Analysis in 2020 (Template Included).
Competitive analysis provides a higher-level perspective of the entire marketing landscape and competitive intelligence. “Competitive analysis is the process of analyzing all collected information to derive some insight for reducing risk and making better decisions,” explains competitive intelligence expert and author Babette Bensoussan.Which data do you need to include in your profile? Well this will depend on a variety of factors. Examine your needs and observe the market. What information would be helpful? This is also a good time to decide how you will be organizing the data.SWOT Analysis is a simple but useful framework for analyzing your organization's strengths, weaknesses, opportunities, and threats. It helps you to build on what you do well, to address what you're lacking, to minimize risks, and to take the greatest possible advantage of chances for success.
How to conduct a competitive analysis on social media in 4 simple steps We’ve broken the process of conducting a competitive analysis on social media into four steps that will work for any brand. Before your start, download the free social media competitive analysis template included at the beginning and end of this article to keep track of your efforts.Competitive intelligence uses many of the same techniques as market research but deploys them to answer highly targeted and specific questions, rather than to gain insight into broad market trends.
