Competitive analysis; identifying your competitors, assessing their strategies to know their strengths and weaknesses in a relative market to you or your product.
It is in this competitive analysis that is critical to making your product stand out from competitors. You need to know your competitors:
- Market share
- Strategies (past and present)
- Marketing efforts
- Marketing types
- Sales channels
- Reputation and perception
Knowing these types of variable can help reveal opportunities where either the opposition are unaware of or have a weakness to. Competition is a good thing for consumers but for business it can be nerving, that’s why you have to best prepare yourself. In doing a competitive analysis you can really minimise any competitors effects and make your product unique in its market.