Competitive analysis

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:

  • Product/s
  • Market share
  • Strategies (past and present)
  • Marketing efforts
  • Marketing types
  • Sales channels
  • Branding
  • 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.