A Competitive Analysis creates an overview of the competitive landscape to determine a company’s position and how it can be improved. It provides valuable insights regarding market gaps, product development, market trends, marketing strategies, and pricing.

Doing a Competitive Analysis involves: 

  1. Identifying at least 10 direct and indirect competitors – direct competitors sell the same product to same market, while indirect competitors do not sell the same product but satisfy the same need.
  2. Researching the customer’s experience at competing companies.
  3. Creating a competitive analysis map.
  4. Determining the company’s position in that map.
  5. Doing a SWOT analysis to identify strengths, weaknesses, opportunities, and threats.
  6. Researching competitors’ recent hires and job posting to detect their plans.