What is a competitive market analysis?
A competitive analysis is a strategy that involves researching major competitors to gain insight into their products, sales, and marketing tactics.
Executing business strategies, warding off competitors, and capturing market share are just a few benefits of conducting a competitive market analysis.
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.
With competitive analysis, you can discover where your business is doing well, where you need to improve, and which trends you need to get ahead of.
Complete a competitive analysis when your company isn’t moving forward as fast as you want or when competitors are securing orders from your ideal customers.
A competitive analysis should examine your competitors’ features, market share, pricing, marketing, differentiators, strengths, weaknesses, geography, culture, and customer reviews.
What is competitive market research?
Competitive market research focuses on finding and comparing key market metrics that help identify differences between your products and services and those of your competitors.
Extensive market research helps establish the basis for an effective sales and marketing strategy that helps your company stand out from the crowd.
Who can benefit from an analysis framework?
This framework will work well for entrepreneurs, business owners, startup founders, product managers, and marketers.
It covers business metrics, a product analysis, and a marketing assessment, with the marketing bit being a little more in-depth. Feel free to skip certain parts if you’re only interested in one aspect, or better yet, delegate some steps to respective teams if you can.