Competitor Analysis 101 – Key Concepts & Tips

Competitors + Alternatives

Competitor Analysis

competitive positioning, product differentiation

What is competitive analysis?

How are your products superior to competing products? Do your target customers understand and appreciate those differences? [How about your own team?!]

The first step towards achieving competitive advantage is developing a detailed understanding of your own products as well as your competitors – overcoming any natural hesitation to tally their strengths AND honestly acknowledge your weaknesses!

What are some best practices & tips for competitive analysis?

A good marketing practice is to rate your products and services along a number of key dimensions that users care about.

Tabulating the data from this evaluation in a comparative matrix with competing products – both direct and indirect alternatives (e.g. water for your colored, sugary, fizzy drink!).

What are the key benefits of competitive analysis?

A regularly updated comparative product matrix is a critical tool for your product development / product innovation efforts. And also for developing marketing messages & web content to support your brand building, promotion, and sales efforts.

Competitive Analysis (along with SWOT Analysis) can yield a gold mine of usable information and insights – yet it is often overlooked or under-emphasized. An ongoing effort provides tremendous ROI – by elevating and enriching your business’s efforts in various key focus areas.

Competitive Analysis 101







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