Key Points of Competitive Analysis
There are many categories to consider in a competitor analysis. Listed below are just a few bullet points to know about your company’s competitors:
- Products and Services
- Sales and Profits
- Operational Costs
- Price Comparisons
- Organization and Management
- Product Distribution
- Customer base retention levels
- Advertisement Effectiveness
- What advantages does your organization have?
- What do you do better than anyone else?
- What unique resources can you draw upon that others can’t?
- What do people in your market see as your strengths?
- What factors mean that you “get the sale”?
- What is your organization’s Unique Selling Approaches
When looking at your strengths, think about them in relation to your competitors. If all of your competitors provide high quality products, then a high quality production process is not strength in your organization’s market, it is a necessity.
- What could you improve?
- What should you avoid?
- What are people in your market likely to see as weaknesses?
- What factors lose you sales?
- What good opportunities can you spot?
- What interesting trends are you aware of?
A useful approach when looking at opportunities is to look at your strengths and ask yourself whether these open up any opportunities. Look at your weaknesses and ask yourself whether you could open up opportunities by eliminating them.