What is Competitor Analysis?
A competitive analysis is a strategy that involves researching major competitors to gain insight into their products, sales, and marketing methods. Implementing stronger business strategies, warding off competitors, and capturing market share are just a few benefits of conducting a competitive market analysis.
A competitive analysis can help you learn the ins and outs of how your competition works and identify potential opportunities where you can out-perform them.
It also enables you to stay atop of industry trends and ensure your product is consistently meeting and exceeding industry standards.
Analysing and learning from your competitors will always help you build a better business.
We use the latest SEO tools to leverage data to determine your competitors strengths and weaknesses.
Let’s dive into a few more benefits of conducting competitive analyses:
- Helps you identify your product’s unique value proposition and what makes your product different from the competitors’, which can inform future marketing efforts.
- Enables you to identify what your competitor is doing right. This information is critical for staying relevant and ensuring both your product and your marketing campaigns are outperforming industry standards.
- Tells you where your competitors are falling short — which helps you identify areas of opportunities in the marketplace, and test out new, unique marketing strategies they haven’t taken advantage of.
- Learn through customer reviews what’s missing in a competitor’s product and consider how you might add features to your own product to meet those needs.
- Provides you with a benchmark against which you can measure your growth.