Week 13: Competitive Analysis
A good competitive analysis is a scouting report of the actual market terrain that your company must navigate in order to be successful.
Make a List of Your Top 5 Competitors
Competitor Product Summary
Analyze the competition’s products and services in terms of features, value, and targets. How do your competitor’s sell their wares? How do they market them?
Competitor Strengths and Weaknesses
As you put together the list of competitor strengths and weaknesses, be objective. You’ll do your company no good if you allow bias toward your own products and services to cloud your judgment. Try to see the competition’s products as though you were the competitor. What makes their products so great?
Competitor Strategies and Objectives
Observe how your competitors market themselves through press releases and advertising. Quarterly and annual reports reveal a great deal of information, too. But more than likely you’ll have to do quite a lot of footwork to nail your competitors down.
Weekly Goal: Who are your main competitors? What is the market for your company’s product like now? Is it growing? If so, then there are likely quite a few customers left to go around. If on the other hand the market is flat, then the competition for customers is likely to be fierce. Your company will find itself scrambling to win market share. Is the market splintering — is it breaking up into niches?
Do you need help completing your competitive analysis? We have great strategic marketing consultants ready to help!