Identifying your competitors is the first step in doing a competitor analysis. This can be done by researching the local market and understanding the businesses and their objectives. Note down the strengths and weaknesses of each competitor, their pricing, and their customer service offerings to gain insight into the competitive landscape. You may also want to look into the marketing channels your competitors are using, as well as the type of customers they’re targeting.
Researching customer reviews and competitor case studies can also give you a better understanding of the industry.
You can get into doing a competitor analysis straight away by following the exercise below on your phone or web:
Competitor analysis
- Think about the keywords for your business or business idea – what will customers interested in your products/services search for?
- Take out your phones and do a web search of your competitors. Dip into their websites and do a google search.
- What customer groups are they appealing to?
- What strategies are they using to attract customers?
- What do you like/dislike?
- How can you differentiate yourself?
My key action or takeaway is….
Finally, it’s important to keep track of any changes in the competitive landscape. Look out for new strategies or campaigns your competitors are using, as this can give you a better understanding of the current market. This information can be used to determine your own competitive strategy.