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:
- 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.
- Researching the customer’s experience at competing companies.
- Creating a competitive analysis map.
- Determining the company’s position in that map.
- Doing a SWOT analysis to identify strengths, weaknesses, opportunities, and threats.
- Researching competitors’ recent hires and job posting to detect their plans.